Britain’s House of Commons approved an amendment to compel Bermuda, the British Virgin Islands and other U.K. overseas territories to establish publicly available databases of corporate beneficiaries to combat financial crimes.
The British government should compel its offshore territories and dependencies to publicly disclose corporate ownership data in a bid to prevent tax avoidance, a parliamentary group said in a report Thursday.
U.K. lawmakers are considering drafting legislation to force the nation's overseas territories to make corporate ownership data more readily available to investigators, according to sources.
Guernsey, Jersey and the Isle of Man published a declaration regarding their joint commitment to a series of steps to develop registers of company beneficial ownership information.
June 19, 2019
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