The British Overseas Territories (BOTs) have slammed the UK Government for trying to force public registers of beneficial owners on the jurisdictions, describing it as an act of “constitutional overreach” and an “unacceptable act of modern colonialism”.
The tax secrecy practices of Britain’s Overseas Territories have been “shattered” by the UK Government, which in a dramatic turn of events, put its support behind an amendment that will introduce public ownership registers.
Cross-party support is mounting in the UK for an anti-money laundering bill which could force the beneficial owners of companies based in the British overseas territories and Crown dependencies to be identified on a public register.
The UK’s crown dependencies and overseas territories have hit back at international media scrutiny and allegations that they facilitate tax avoidance and evasion following the leak of the Paradise Papers.
The UK should look to Jersey for inspiration on how to deal with the European Union after Brexit, the head of a British political think tank has suggested.
The Isle of Man, one of the UK’s crown dependencies, plans to strengthen its economic links with Commonwealth countries ahead of Brexit by becoming a strategic partner of the Commonwealth Enterprise and Investment Council (CWEIC).
Britain’s crown dependencies should be granted the same parliamentary representation given to devolved jurisdictions, a former member of the UK Parliament’s Foreign Affairs Committee has said.
A call from an influential government select committee for the UK’s overseas territories and crown dependencies to create central public registers of beneficial ownership has been rejected by the UK government.
A new data sharing agreement has officially come into force with the HM Revenue and Customs (HMRC) expected to be handed the details of hundreds of thousands of offshore accounts on Friday as part of a move for wider transparency from the Isle of Man, Jersey, Guernsey and the Cayman Islands.
The island remains a “safe haven” for financial services despite the UK’s decision to leave the European Union, according to Guernsey’s chief minister, deputy Gavin St Pier.
Jersey Finance, which represents the finance industry, has come out fighting against calls for the island’s register of who owns which companies to be made public in the wake of the Panama Papers leak.
Isle of Man Government chief minister Allan Bell has predicted a wave of negative campaigning focused on the Isle of Man and the other crown dependences, if Jeremy Corbyn wins the leadership of the UK’s Labour Party.
