Summary
The governments of Guernsey and Jersey, the largest Channel Islands, have refuted claims from UK MP Lloyd Hatton that they are not effectively managing Russian money and sanctions compliance. Both islands assert that they align closely with UK sanctions policies and maintain robust transparency around corporate ownership. There is ongoing debate about whether they should implement public registers of beneficial ownership to further combat financial crime.
Key Facts
- Lloyd Hatton, a UK MP, claimed that Guernsey and Jersey aren't doing enough to control Russian money.
- Hatton cited a report saying over 25% of suspected sanctions breaches involved places like Guernsey.
- Guernsey and Jersey stated they follow UK rules for sanctions strictly.
- Jersey argues it is highly rated for understanding and enforcing financial regulations.
- Hatton wants the Channel Islands to create public registers showing who owns assets to stop financial crime.
- Jersey insists UK law enforcement can already access ownership details quickly.
- Guernsey has plans to consult on letting certain people see its beneficial ownership register.
- Nearly £72 million in Russian assets have been frozen in Guernsey since the invasion of Ukraine in 2022.
