UK Warns Crown Dependencies and Overseas Territories Over Ownership Secrecy

The UK government has threatened potential legislation forcing Crown Dependencies and Overseas Territories to improve transparency regarding company ownership structures. Justice minister Jake Richards stated that progress had been painfully slow and expressed concerns that these jurisdictions have too often been used to facilitate aggressive tax avoidance, hide illicit gains, and wash the proceeds of crime. Currently, only three of 14 UK Overseas Territories have implemented public access beneficial ownership registers, despite all pledging to introduce such registers.