The States of Guernsey has approved proposals to amend the legal framework relating to beneficial ownership. 

Offshore law firm Mourant has said that the amendments now 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.

The Beneficial Ownership of Legal Persons (Guernsey) Law, 2017 introduced a centralised, nonpublic 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...