Policy & Resources Committee and the Committee for Economic Development - P.2017/4
The States are asked to decide: -
Whether, after consideration of the Policy Letter dated 20 December, 2016, of the Policy & Resources Committee and the Committee forEconomic Development, they are of the opinion:-
1. To agree to the establishment of a register of beneficial ownership information ("the register") applicable to all forms of legal person that can be established in Guernsey;
2. To agree that the register should not be publicly accessible, and that the information on it should be treated as confidential and protected by all necessary security measures;
3. To agree to the provision of direct access to the register for the Bailiwick's law enforcement authorities and the GFSC, for the purposes of their respective criminal justice and supervisory functions;
4. To agree to the establishment of legal gateways to permit the sharing of beneficial ownership information with domestic and foreign authorities for specified purposes, such purposes to be based on those set out at Part II of the Disclosure (Bailiwick of Guernsey) Law, 2007;
5. To agree to the establishment of the office of Registrar of Beneficial Ownership, with the office holder to be appointed by the Committees;
6. To agree to the provision of proportionate oversight and enforcement powers for the Registrar, including the power to impose administrative financial penalties;
7. To agree to the extension of the powers and duties of resident agents in relation to obtaining, providing and retaining beneficial ownership information;
8. To agree to the introduction of criminal and administrative financial penalties for breaching obligations in relation to beneficial ownership information;
9. To agree to the introduction of a statutory process governing the resignation of resident agents;
10. To agree to the provision of powers to address additional matters relating to beneficial ownership information by regulations, guidance and standard forms;
11. To agree to the introduction of an express statutory prohibition on the use of bearer instruments; and
12. To direct the preparation of such legislation as may be necessary to give effect the foregoing, including any necessary consequential and incidental provision.
The above Propositions have been submitted to Her Majesty's Procureur for advice on any legal or constitutional implications in accordance with Rule 4(1) of the Rules of Procedure of the States of Deliberation and their Committees.