Geurnsey, one of the Crown Dependencies

Impact of the Sanctions and Anti-Money Laundering 2018 Act on the Crown Dependencies and British Overseas Territories

Following an amendment to the recently enacted Sanctions and Anti-Money Laundering Act which will introduce public ownership registers in British Overseas Territories, the amendments sponsors Andrew Mitchell and Dame Margaret Hodge will visit the Isle of Man to persuade the government to create a publicly accessible register of beneficial ownership.

Currently, the Manx Government’s central register is only accessible to law enforcement and tax officials, but the UK government is keen for the Crown Dependencies to adopt the approach being set out in the EU’s Fifth Anti-Money Laundering Directive.

While the three Crown Dependencies cannot be legislated for by Westminster in the same way as the 14 Overseas Territories can, Mr Mitchell said: “We expect the Crown Dependencies to adopt the same open register as the Overseas Territories. Why? Because they share our Queen, trade under our flag and accept our same values.”

For more on the differences in money laundering legislation between the EU, UK and Crown Dependencies, download our guide to Money Laundering Legislation in the Crown Dependencies.  

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