UK accused of caving-in to British Virgin Islands over access to companies register
NegativeFinancial Markets
- The UK government has faced criticism for conceding to the British Virgin Islands' request to restrict access to a company share ownership register, limiting it to individuals with a legitimate interest. This decision contradicts a 2008 UK law mandating broader access to the register. Discussions on this issue are set to take place between Foreign Office ministers and leaders of British overseas territories in London.
- This development raises concerns about transparency and accountability in offshore financial practices, particularly as the UK prepares for a significant anti-corruption summit. Critics argue that limiting access undermines efforts to combat financial misconduct and protect public interests.
- The situation highlights ongoing tensions between the UK and its overseas territories regarding financial regulations and governance. It reflects a broader pattern of the UK government’s approach to tax havens, as seen in other cases like Jersey, where the facilitation of wealth movement has drawn scrutiny, especially in the context of international sanctions and the need for greater financial oversight.
— via World Pulse Now AI Editorial System
