UK Introduces Law to Stem Money Laundering in Overseas Territories

19:21, May 3, 2018

The United Kingdom will force companies in its territories to join public registers in order to combat corruption and tax avoidance, the government announced Tuesday.

The overseas territories have come under pressure to provide details behind their secretive owners, according to Reuters. The secrecy may assist in efforts to launder money and evade taxes. The territories had previously only had to reveal the information on these companies’ ownership if authorities ask.

The amendment to the sanctions and anti-money laundering billforces 14 overseas territories to create the public registers by 2020 or have the UK government impose them, the Guardian reported.

Margaret Hodge, a Labour member of parliament, backed the amendment with Conservative MP Andrew Mitchell. She said the registers would prevent criminals from “exploiting our secret regime, hiding their toxic wealth and laundering money into the legitimate system, often for nefarious purposes.”


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