In a continuing effort to deter tax evasion, the British government is set to make public a new database of company ownership details.
By this move, David Cameron’s government aims to allow wider scrutiny and put more pressure on firms and individuals seeking to hide wealth and profits.
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The UK registered firms will now come under a legal obligation to hold accurate information on the ultimate owner who benefits from the company and put the data on a central register that would be managed by Companies House.
A register of beneficial owners was one of the key main demands of campaigners when Britain chaired June’s G8 summit of world leaders in Northern Ireland.
UK Prime Minister David Cameron said: "For too long a small minority have hidden their business dealings behind a complicated web of shell companies and this cloak of secrecy has fuelled all manners of questionable practice and downright illegality.
"He will admit some will question whether it is right to make the register public and that the same effect could be achieved by compiling the information and using it within the government.
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By GlobalData"And it’s better for us all to have an open system which everyone has access to -the more eyes that look at this information, the more accurate it will be," he added.
Roger Barker, director of corporate governance and professional standards at the Institute of Directors, said:"Significant practical challenges remain in order to ensure that any register of beneficial ownership is accurate and robust, but we support government efforts to begin this process," he added.
