Weekly news – 4 May 2018

Publikováno: 4. května 2018

The UK government agreed to require British Overseas Territories to introduce public registers of beneficial ownership. That means that companies based in places like Bermuda, the Cayman Islands, Turks and Caicos and the British Virgin Islands will soon have to reveal the identity of the people who own or control them.

The British Overseas Territories have long been a destination of choice for money-launderers and others seeking to move or hide their wealth offshore.

More than half of the offshore companies referred to in the Panama Papers were set up in the British Virgin Islands. Now, it won’t take leaks like those to bring important financial information from these territories to light.

As we highlighted in our report last month, now it is up to the other G20 countries to step up their efforts. If governments in other secrecy jurisdictions don’t act, they might soon find themselves at risk of being used as a refuge for corrupt cash and ill-gotten gains.

They wouldn’t want that, would they?

News from Transparency International

The UK just made it harder for the corrupt to hide their wealth offshore

From the Lava Jato scandal  to the Panama and Paradise Papers, time and again we’ve seen how offshore territories – often known as secrecy jurisdictions or tax havens – play a key role in facilitating the illicit flow of money across borders.

New on Voices for Transparency

Italians are disillusioned with public contracting, can an ancient archaeological site change that?

In southern Italy, public works are often perceived as useless and a waste of money. Can citizen involvement change that?

 

Source: Transparency International

More than half of the offshore companies referred to in the Panama Papers were set up in the British Virgin Islands. Now, it won’t take leaks like those to bring important financial information from these territories to light.