John McDonnell: Jersey, Guernsey, and the Isle of Man registers of beneficial ownership must be introduced promptly
John McDonnell MP, Labour’s Shadow Chancellor, responding to news that Jersey, Guernsey and the Isle of Man are setting up public registers of firms’ beneficial owners, said:
“We have long been insisting on greater tax transparency in the Crown Dependencies and Overseas Territories, and so we welcome these moves from Jersey, Guernsey, and the Isle of Man.
“It’s now important that these registers of beneficial ownership are introduced promptly, and in a fully public way, to ensure that they are an effective tool to fight tax evasion and money laundering.
“Labour will take a zero tolerance approach to tax evasion and avoidance in government, and we have a comprehensive plan to achieve that.”
Notes to Editors:
On 13 May 2019, Shadow Chancellor John McDonnell tweeted that: “The publication of Sunday’s Rich List as public services crumble is a reminder that the wealthy can and should pay more tax. But we also need to clamp down on tax avoidance including by introducing public registers here and in Crown Dependencies & Overseas Territories.”
Labour’s Tax Transparency and Enforcement Programme, released in advance of the 2017 election, announced that Labour would implement: “Strict minimum standards for Crown Dependencies and Overseas Territories”, including a public register of beneficial owners for all companies.