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ARTICLE · 01 SEPTEMBER 2020

Changes To Guernsey's Beneficial Ownership Regime

Guernsey Finance
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The States of Guernsey has approved proposals to amend the legal framework relating to beneficial ownership.These amendments provide much needed clarity ...

GuernseyFinance and Banking
Guernsey Finance
Guernsey Finance
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Authored by Frances Watson & Jonathan Stevens

The States of Guernsey has approved proposals to amend the legal framework relating to beneficial ownership.These amendments provide much needed clarity in certain areas, and 'plug' any gaps, which have been identified in the current beneficial ownership regime since the Law was enacted. Mourant Partner Frances Watson and Associate Frances Watson discuss these updates.

Background

The Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 (the Law) introduced a centralised, non-public register of beneficial ownership of Guernsey legal persons (the Register) in 2017. The Law placed obligations on resident agents to identify and collect information on beneficial owners of entities within scope of the Law and placed separate obligations on beneficial owners to supply said information to resident agents and update them of any changes.

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