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Amendments to the Legal Framework Relating to Beneficial Ownership of Legal Persons

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Policy & Resources Committee - P.2020/72

1.1 To agree to amend the Beneficial Ownership of Legal Persons (Guernsey) Law, 2017, so as to:

    i. remove the reference to "no beneficial owners" of a legal person;
    ii. clarify the circumstances in which a legal person is subject to the administrative enforcement powers of the Registrar of Beneficial Ownership or to those of the Guernsey Financial Services Commission;
    iii. specify the particulars that must be recorded in respect of corporate beneficial owners;
    iv. set out the criteria that must be applied by the Registrar of Beneficial Ownership before making a disqualification order;
    v. confirm the application of the Registrar of Beneficial Ownership's powers to nominee relationships;
    vi. widen the Registrar of Beneficial Ownership's information gathering powers to include matters relating to risk and to extend the application of those powers to third parties such as liquidators of a legal person; and
    vii. permit the Director of the Revenue Service to inspect the beneficial ownership register. 

1.2 To agree to amend the Foundations (Guernsey) Law, 2012 so as to:
 
    i. ensure consistency of language with other commercial legislation on matters relating to resident agents and beneficial ownership;
    ii. introduce information gathering powers that correspond to those outlined at paragraph 1.1.vi above.
 
1.3 To agree to amend the Limited Partnerships (Guernsey) Law, 1995, the Companies (Guernsey) Law, 2008, and the Limited Liability Partnerships (Guernsey) Law, 2013 so as to introduce information gathering powers that correspond to those outlined at paragraph 1.1.vi above.

1.4 To agree to amend the Income Tax (Guernsey) Law, 1975, to permit the Director of the Revenue Service to share information with the Guernsey and Alderney Registrars of Beneficial Ownership.

1.5 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.

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Amendments to the Legal Framework Relating to Beneficial Ownership of Legal Persons

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