London
Recent events in the British Virgin Islands and Cayman Islands are seen by some as an indication that Britain is showing signs of improving tax transparency in its overseas territories, although activists say more still needs to be done.
Two years ago, an amendment made to UK anti-money laundering legislation required overseas territories including Bermuda, Jersey, Guernsey and the Isle of Man to establish public registers to show the real owners of shell companies.
The British Virgin Islands, considered by anti-corruption and anti-money laundering groups as one of the murkiest financial centres in the world, was the last to join, but has finally done so. “It’s huge news,” Nienke Palstra, of Global Witness, told AFP. “They had been dragging their feet, even though it’s been a legal obligation since 2018.”—APP
