British Elections Hold Key to Shape of Corporate Transparency in U.K. Territories

By Irene Madongo

U.K. elections in May aren't likely to spare British territories from implementing new corporate transparency measures, but the results could determine how soon and how far those steps are taken. In March, British lawmakers formally adopted a plan to create a centralized and public database identifying the beneficial owners of U.K. corporations and trusts. The initiative, announced by Britain in 2013 at the G-8 summit in Northern Ireland, is intended to scale back the exploitation of shell companies by financial crooks. Prime Minister David Cameron further called on U.K. territories and crown dependencies to adopt similar controls, either by creating...