• Tuesday, June 28, 2022

Business

Company ownership must be made public

By: Eastern Eye Staff

UK IN OVERSEAS TERRITORIES RULING BRITAIN’S government agreed on Tuesday (1) to order its overseas territories to make secretive company ownership information public to try to tackle corruption and tax avoidance. Overseas territories and crown dependencies have come under increasing pressure to reveal who is behind anonymously-owned companies, with campaign groups saying such secrecy aids money laundering, tax evasion and corrupt diversion of public funds from developing economies. Many of these territories, such as the Cayman Is­lands and the British Virgin Islands, have large fi­nancial services sectors because they levy low taxes and ownership of businesses lacks transparency. Despite repeated…

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