Anti-corruption campaigners in the UK lauded a recent government move to impose transparency requirements on the financial centers of its overseas territories. But London faces a battle to compel governments and financial professionals to break a system on which they’ve thrived.
On May 1, the British government approved legislation to compel its overseas territories to adopt tougher business registration standards under new rules intended to end the secrecy and anonymity of offshore finance.
Observers told WikiTribune that while the legislation doesn’t close all of the gaps allowing criminals to hide ill-gotten wealth, it’s an important step in raising transparency standards and provides a powerful new tool for exposing global corruption.
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How to hide a billion dollars
During the late 1990s, specialist Italian anti-mafia investigators started tracking three Ukrainian businessmen involved in the oil industry. The police suspected the men were leaders of an organized crime syndicate that was expanding