Offshore havens – checking on them by UK
The Guardian recently reported on an important category within anti-corruption, and one which to some degree comes under the UK’s remit, combating illicit finance and the need for transparency in offshore financial havens. This is a present concern for the UK’s government, as they have been looking to support the offshore havens in the Caribbean in becoming more transparent. The UK government is sending an anti-corruption champion, Margaret Hodge, to the British Virgin Islands (BVIs) ”to find out why the offshore haven is dragging its feet on proposals designed to fight financial crime. Several of the UK’s semi-autonomous British overseas territories missed last month’s deadline to implement new registers of corporate ownership, a measure targeting the secrecy regimes campaigners say benefit criminals and kleptocrats.” It is great to see this and provides some hope that this will help movement by the BVI.
Why is this important? Ownership transparency helps governments determine legal ownership, which in turn allows them to determine whether monies used in purchases in offshore financial havens are legal and to see who the owners are. Registers of corporate and individual ownership also allow for worldwide cooperation, when investigating illegal money laundering and supporting countries in determining ownership. These registers are the first steps and allow for greater transparency. It’s good to see that the UK is taking this seriously and it is important to continue monitoring Ms. Hodge’s work.
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