Britain’s government has asked British Virgin Islands and the Cayman Islands to set out specific timetables for implementing a central register of companies unveiling companies’ ultimate owners.
The letters, jointly signed by ministers from the Treasury and the Foreign Office, have already been sent to the two offshore financial tax havens on the issue in an aim to fight tax dodging.
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The move comes a day after Britain’s own legislation to boost transparency regarding corporate ownership secured royal approval.
Under the new rule, companies will be required to keep a register of people with significant control from January 2016.
Proposal for a public register of company ownership was put forward by Prime Minister David Cameron way back in 2013, during a G8 summit in Northern Ireland.
However, overseas territories opposed it at that time on grounds that the move would damage UK’s interests.
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By GlobalData
