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.
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.”