End financial secrecy in UK’s overseas territories
The Fair Tax Mark are supporting the call for the UK government to accept an amendment to the sanctions and anti-money laundering bill on Tuesday that would lift the veil of secrecy in Britain’s overseas territories.
The letter, published in the Guardian this morning, calls on the UK government to “accept an amendment to the sanctions and anti-money laundering bill on Tuesday that would lift the veil of secrecy in Britain’s overseas territories”.
The Sanctions and Anti-Money Laundering Bill will be debated in parliament tomorrow, and the amendment to introduce a register revealing the beneficial owners of assets held in those jurisdictions has cross party support, led by the Conservatives Andrew Mitchell, and Labour’s Margaret Hodge.
The Fair Tax Mark’s Paul Monaghan said: “Introducing this would be a major step forward in the battle to tackle not just tax evasion and avoidance, but corruption and money laundering more generally. The systematic use and abuse of tax havens by a minority of business circumvents safeguards that exist in the UK, and needs to end.”