Canadian province introduces public property register
In a move to crack down on money laundering and tax evasion around real estate
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In a move to crack down on money laundering and tax evasion around real estate
Two steadfastly opposed, with one intrigued about how the Netherlands’ plan will play out
A separate legislative proposal will be introduced to include trusts and mutual funds
British Overseas Territories will now have until 2023 to comply
Criminals will have fewer places to hide their dirty money after the UK announced a world-first public register that will force foreign companies owning UK properties to reveal their ultimate owners.
A leak of 1.2 million new documents shows that Mossack Fonseca, the law firm at the centre of the Panama Papers scandal, could not identify the owners of up to three quarters of the companies it administered.
Tense talks are being held this week in London as leaders of British Overseas Territories (BOTs) try to persuade the UK Government to reverse its decision to impose public registers of beneficial ownership.
The government of the British Virgin Islands (BVI) has assembled a legal team to fight the imposition of a register of beneficial ownership by the UK.
The Cayman Islands Government has entered into dialogue with the UK to change parts of its constitution, as it looks to prevent Britain being able to legislate and impose its will on the jurisdiction.
Money laundering is a matter of national security for the UK, and it therefore has the constitutional right to make British Overseas Territories (BOTs) introduce public registers of beneficial ownership, according to a select committee report.
The Isle of Man was ready to “vigorously challenge” the UK Government if it imposed a public register of beneficial owners on the crown dependency, its chief minister Howard Quayle has revealed.
The UK has imposed public company registers on its overseas territories to create transparency and prevent “financial skulduggery”, but an international tax expert says, if people want privacy, they will just move to jurisdictions that still offers it.