Annex 1
INTERNATIONAL DEVELOPMENT SELECT COMMITTEE REPORT
ON PUBLIC ACCOUNTS FILING STANDARDS - RESPONSE BY THE CROWN DEPENDENCIES
The Crown Dependencies are independent of the United
Kingdom and its Government. They have their own financial regulatory
systems. However, they work closely with the United Kingdom Government
and international bodies in helping to develop standards in the
filing of public statutory accounts. Each Crown Dependency meets
currently accepted international standards.
The Crown Dependencies are recognised internationally
for their high levels of compliance with international standards
for financial regulation, AML/CFT and tax transparency/exchange
of information. The Crown Dependencies will continue to comply
with all internationally recognised standards for financial services
regulation, transparency and corporate governance. If, in the
future, the OECD and other standard-setting fora set international
standards which go beyond those already in place in the Crown
Dependencies, it is reasonable to expect that the Crown Dependencies
will respond positively to meet those standards.
Jersey and Guernsey
are member jurisdictions of the European Business Registry (along
with UK Companies House). The Jersey Director of the Registry
is a board member. The EBR gives search access for over 22 million
entities, including Jersey and Guernsey annual returns and Jersey
public companies' accounts. All Jersey public companies, all
private companies deemed to be public and all companies which
issue prospectuses must file accounts. Those accounts are publicly
available to be searched. Guernsey's public Register of Companies
provides registered company information online as also does Jersey's.
The Channel Islands' active participation in the
EBR and in international Company Registry conferences demonstrates
their commitment to full compliance with all relevant international
standards.
On the Isle of Man, Companies Registry provides
access for the public to information on all entities registered
with it. The requirements for companies to maintain accounting
records are demanding and are set out in comprehensive legislation.
Those accounting records must correctly explain all transactions;
enable the financial position of the company to be determined
with reasonable accuracy at any time; and allow financial statements
to be prepared.
The Isle of Man has a strong track record of adherence
to international standards, and draws attention to its application
of OECD standards in relation to income tax and money laundering
requirements.
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