British Overseas Territories - like the British Virgin Islands, the most-used tax haven exposed in the Panama Papers - need to be more transparent about who owns what.
I have signed an amendment to the Criminal Finance Bill, back in the Commons today, which would require Overseas Territories to publish public registers of who really owns the companies which are estimated to be holding as much as £26 trillion off shore.
The UK already does this itself, to stop tax dodging, corruption, money laundering, terrorism, and other organised crime – there’s no reason why Overseas Territories should not do so too. Unfortunately Labour’s amendment today calling for public registers was voted down. The Bill will now go to the House of Lords.
Read more in this article in the Guardian.