Beneficial ownership in British Overseas Territories
On Tuesday we received some excellent news.
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