COMPANY directors and investors could be at risk of kidnap and blackmail if Jersey’s beneficial ownership register is made public, according to Jersey Finance.

The warning follows fresh calls from a long-serving UK politician for the list of who owns what to be opened up to everyone.

Speaking to this newspaper, Dame Margaret Hodge MP aired concerns that ‘dirty money’ from Russian criminals was being funnelled through Jersey.

Earlier this year she won a UK parliamentary debate to force Overseas Territories to make their registers public, but failed in her effort to extend the scope of the law to Crown Dependencies, including Jersey.

Jersey Finance’s deputy chief executive officer Amy Bryant defended the Island’s position, and issued a warning that complete openness came with fresh risks.

She said: ‘To be clear, Jersey is absolutely committed to the global transparency agenda and stands side by side with the UK in terms of our shared ambitions to fight financial crime and tackle corruption. At the moment, UK law enforcement have access to that information within one hour for urgent requests and 24 hours for all other requests. Suggestions that the general public are in a better position than law enforcement authorities to scrutinise beneficial ownership information are flawed.

‘There are serious concerns that public registers may lead to increased instances of crimes such as identity theft, kidnap and ransom. The UK has itself acknowledged these risks, for instance through the recent introduction of regulations which limit the disclosure of residential addresses of company directors on the Companies House register. Company directors are twice as likely to be victims of fraud.’

But, despite those risks, Ms Bryant said Jersey would review its stance if international expectations changed.

‘Should public registers become a global standard, we will revisit our approach. But this is not the case now and is unlikely to be for some time.’

Six months ago, the US government named three Jersey-based companies it believed had links to a Russian oligarch with close ties to the Kremlin. The US Treasury said ‘non-US persons’ could be penalised if they were to assist individuals or companies on their list.

Dame Margaret is likely to raise this during her visit to Jersey next month, alongside Andrew Mitchell MP. They will demand the Island’s government voluntarily changes its position in the face of threats of a legally enforceable demand. She told the JEP there was a growing political appetite at Westminster among MPs for greater transparency among the Crown Dependencies.

Ms Bryant said: ‘We are aware of their visit and are working with the Government of Jersey and the JFSC in respect of the meeting.’

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