Criminals and corrupt business chiefs hiding ‘dirty money’ in Britain’s offshore tax havens are set to be exposed following a U-turn by Theresa May.
Overseas territories such as the British Virgin Islands and the Cayman Islands will have to disclose the identities of individuals sheltering their cash in companies registered in their jurisdictions.
The government had been resisting the move on the grounds that it would amount to unwarranted interference in the territories’ affairs, but retreated in the face of a growing Tory rebellion.
Flow of dirty money
Tax havens will now have to come in line with the United Kingdom by the end of 2020 by publishing registers of the beneficial ownership of companies.
It follows research which found that £68bn flowed from Russia through overseas territories between 2007 and 2016, with critics claiming much of it was obtained through crime.
More than half of the shell companies uncovered by the 2015 leak of