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.

Some of the most notorious of these are among Britain’s Overseas Territories.

In fact, if counted together, the United Kingdom and its Overseas Territories and Crown dependencies would top the Financial Secrecy Index, given the staggering scale of their undisclosed financial activities.

But, fortunately, this could soon change.

On 1 May 2018, the UK Parliament voted in favour of requiring any British Overseas Territory that has not already done so to introduce public registers that reveal the individuals behind companies based there by the end of 2020.

This is a major victory in the fight against cross-border corruption.

In 2015, research by Transparency International UK (TI-UK) found that shell companies registered in secrecy

... read more at: https://www.transparency.org/news/feature/the_uk_just_made_it_harder_for_the_corrupt_to_hide_their_wealth_offshore