- Friday, April 26, 2024
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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