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The Isle of Man has refused London's call to reveal the ownership of thousands of companies registered in the island - but Jersey has yet to give a definitive "yes" or "no".
The UK is publishing its first register of beneficial company ownership this year and Prime Minister David Cameron has tried to pressure UK overseas territories and Crown dependencies into following suit.
But the Isle of Man made its position clear this week - saying that until there is a global system for all countries to implement a public registry, they won't step into line. In the past, Jersey's line has been the same, with politicians saying that they won't commit to a public register until there is a "global level playing-field".
Jersey has a register that is shared with tax and investigatory bodies, but say that an "open book" approach would not work.
In an interview, Chief Minister Allan Bell told the Financial Times: "We won't have a public register. We believe the system is working well. We see no indication that the rest of the G20 is taking meaningful steps to follow Mr Cameron's lead.
"There has to be a global solution or it is meaningless. You are going to penalise legitimate business while criminals and terrorists will simply move money from one jurisdiction to somewhere less well regulated.
"Because we are a small country there is a belief we will roll over and take steps that other countries refuse to.
"We are working on a model that will provide the prime minister with the reassurance he is seeking that the Isle of Man is a good partner in providing defences against abuse."
Like Jersey, the Isle of Man requires that a registry of beneficial owners of companies is held by the island's financial regulator but it is not public.
The UK's overseas territories, many in the Caribbean, last month agreed to establish private central registries. The pressure on David Cameron is increasing ahead of an anti-corruption summit with these countries in May.
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