UK to back more transparency for its overseas tax havens

LONDON — Britain is set to make its overseas tax havens disclose the true owners of companies registered there in a bid to clamp down on tax avoidance and money-laundering.

Legislation before the House of Commons requires British Overseas Territories such as the Cayman Islands and British Virgin Islands to set up public "beneficial ownership" registers. Britain can force them to do it if they don't comply by December 2020.

The Conservative minority government agreed Tuesday to back the opposition-proposed amendment to its Sanctions and Anti-Money Laundering Bill after enough Conservative lawmakers supported the measure.

Labour lawmaker Margaret Hodge, who proposed the measure, said it would help stop tax evaders and criminals from hiding their "toxic wealth."

The bill is expected to become law later this year.

You may also like these

5 lawmakers leave Australian Parliament due to...

May 9, 2018

Five Australian lawmakers have been forced from Parliament in an ongoing legal wrangle over a...

EU trade commissioner says trade liberalization...

Jun 18, 2018

European Trade Commissioner Cecilia Malmstrom says trade liberalization continues to have global...

China ambassador urges Australia against 'bias...

Jun 19, 2018

China's ambassador to Australia says the strained diplomatic relationship between the two countries...

Huawei executive warns Australia risks economy...

Jun 27, 2018

A Huawei executive says Australia could damage its economic future if it bans the Chinese...

EU foreign policy chief wants quick Australian...

Aug 8, 2018

The European Union's foreign policy chief, Federica Mogherini, says she wants a free trade...

Search
Financial Markets

About Us

Established in 2015, The Upstocker provides insights on financial reports, commentary, and investment data to traders so that you can make better investment decisions.

Contact us: sales[at]theupstocker.com

Subscribe Now!