UK Commons Seek to Expose Tax Avoiders


A group of MPs in the British parliament seeks the adoption of a bill that will force overseas territories to disclose the identity of businessmen who hold assets in their jurisdiction.

The names of Russian businessmen who keep money in UK’s crown dependencies and overseas territories like the British Virgin Islands and the Cayman Islands – can be disclosed in accordance with a new bill that will be discussed in the next 6 months, The Times wrote.

Until now, British overseas territories have been exempt from the requirement in the territory of the country to disclose the names of businessmen who hold assets in their jurisdiction.

Next week, a coalition of conservatives, Labour and representatives of the Scottish National Party will voice support for such a bill, the publication indicates. Ms. May must ensure that dirty money fuelling is not sheltering under a British flag, Conservative MP Andrew Mitchell said.

The reform of tax havens was undertaken by British MP David Cameron in 2013. Since then, Britain has been publishing a register of beneficiaries of assets hidden with the help of one-day companies. However, the government was not able to extend the law to overseas territories, referring to the inability to pass laws for other elected authorities. Critics of this position note that this rule has been breached in the past, for example, when the death penalty was abolished.

The bill, introduced by the Labor MPs and slated to be voted next Tuesday, implies the fulfilment by the overseas territories of the reform of openness until the end of 2020.

Since this year, as part of the fight against criminal finance, the British authorities have been given the right to file request about unexplained wealth, especially politically exposed persons. If individuals cannot explain the origin of incomes in excess of £ 50,000, the British authorities will be able to freeze their assets.​

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