As the UK’s overseas territories prepare to make public the owners of all their registered companies by the end of 2020, business experts are debating how to balance calls for transparency with the kind of privacy often prized in finance.
In what is seen as a major victory for financial transparency campaigners, earlier this year the UK government was forced to agree to sanctions and anti-money laundering legislation when Conservative and Labour MPs combined to back the registration of beneficial ownership.
The new legislation builds on a pledge in 2013 by then-prime minister David Cameron and is designed to stem the global passage of so-called “dirty money” in the wake of the Panama Papers scandal, which exposed a rogue offshore finance industry.
Who will be impacted by these new rules?
British Overseas Territories (BOTs) – 14 areas including financial centres the British Virgin Islands, Anguilla, Bermuda, Montserrat and the Cayman Islands – are to