UK Opens Door to Corruption as British Virgin Islands Weaken Transparency Rules
The UK government's decision to allow the British Virgin Islands (BVI) to limit access to its company share ownership register has sparked outrage among anti-corruption campaigners, who claim it is a significant step backwards in the fight against illicit finance.
As part of a new agreement to be discussed at talks between Foreign Office ministers and BVI leaders in London, the islands have been allowed to restrict access to the register to only those deemed to have a legitimate interest. This move defies legislation passed by the UK government in 2008 that would have made the register available to all.
Critics argue that this weakening of transparency rules will make it easier for corrupt individuals and companies to hide their assets and evade taxes, and will undermine the UK's reputation as a clean and fair place to do business.
An all-party group of MPs has written to ministers urging them to recognize that these talks represent "the last chance" to crack down on corruption in the UK's own backyard before next year's high-profile Global Illicit Finance Summit. The summit, which is being held under the auspices of the UK government, aims to position the country as a leader in anti-corruption efforts.
The BVI has been criticized for its lack of transparency surrounding beneficial ownership, with only 12 companies registered per individual citizen. This has led to calls for the islands to introduce long-promised transparency measures.
In a letter coordinated by Phil Brickell, chair of the all-party parliamentary group on anti-corruption and responsible tax, ministers are urged to ensure that jurisdictions like the BVI and Cayman Islands take concrete steps towards greater transparency. Failure to do so will be seen as a betrayal of Britain's values and will damage its reputation as an honest broker in global finance.
Margaret Hodge, the UK government's anti-corruption champion, had hoped that talks this week would mark a turning point in the BVI's commitment to transparency. However, with the BVI's decision to restrict access to the register, it seems that progress has been made but at a significant cost.
The UK government's decision to allow the British Virgin Islands (BVI) to limit access to its company share ownership register has sparked outrage among anti-corruption campaigners, who claim it is a significant step backwards in the fight against illicit finance.
As part of a new agreement to be discussed at talks between Foreign Office ministers and BVI leaders in London, the islands have been allowed to restrict access to the register to only those deemed to have a legitimate interest. This move defies legislation passed by the UK government in 2008 that would have made the register available to all.
Critics argue that this weakening of transparency rules will make it easier for corrupt individuals and companies to hide their assets and evade taxes, and will undermine the UK's reputation as a clean and fair place to do business.
An all-party group of MPs has written to ministers urging them to recognize that these talks represent "the last chance" to crack down on corruption in the UK's own backyard before next year's high-profile Global Illicit Finance Summit. The summit, which is being held under the auspices of the UK government, aims to position the country as a leader in anti-corruption efforts.
The BVI has been criticized for its lack of transparency surrounding beneficial ownership, with only 12 companies registered per individual citizen. This has led to calls for the islands to introduce long-promised transparency measures.
In a letter coordinated by Phil Brickell, chair of the all-party parliamentary group on anti-corruption and responsible tax, ministers are urged to ensure that jurisdictions like the BVI and Cayman Islands take concrete steps towards greater transparency. Failure to do so will be seen as a betrayal of Britain's values and will damage its reputation as an honest broker in global finance.
Margaret Hodge, the UK government's anti-corruption champion, had hoped that talks this week would mark a turning point in the BVI's commitment to transparency. However, with the BVI's decision to restrict access to the register, it seems that progress has been made but at a significant cost.
! The UK is basically opening doors to corruption 
by letting the British Virgin Islands water down their transparency rules 
. Like, aren't they trying to fight against illicit finance? 
This is so not cool, especially with all those anti-corruption efforts going on at the Global Illicit Finance Summit 
next year. The UK's rep as a clean and fair place to do business is literally being flushed down the toilet 
. We need more transparency, not less! 
#CorruptionIsNotCool #TransparencyMatters #GlobalIllicitFinanceSummit
This move is like a ticking time bomb for global finance and security. How can we trust these islands if they're so secretive about who owns what? 
It's all about the money, right? The BVI's way of doing things makes it way too easy for bad guys to hide their ill-gotten gains. We need more transparency, not less! 
and yeah, this is a huge blow to transparency in the whole region...the BVI has been super shady about beneficial ownership anyway 
.
my heart goes out to all those fighting against corruption, it's like you're standing in front of a massive dark cloud and nobody wants to acknowledge its existence... I totally get why this decision by the UK government is so frustrating - it's like they're creating a slippery slope where corrupt people can hide their assets. transparency is everything, you know? It's not just about the BVI or Cayman Islands, it's about our collective reputation as honest global citizens 
The UK's decision to let the BVI water down their own anti-corruption efforts is like shooting themselves in the foot. What's the point of hosting this Global Illicit Finance Summit if you're not gonna lead by example? 
If they can't get their own house in order, how are we supposed to trust them? 
anyway so like the uk is all about being transparent and stuff but then they let bvi just do its own thing and now people are all like "wait what" 
it's like they want to be seen as weak on corruption. i mean, who thought this was a good idea? 
. By allowing this lack of transparency to continue, the UK government is essentially inviting corrupt actors to hide in plain sight.
.
... the global illicit finance summit is supposed to be about fighting corruption but instead they're just enabling it. this is like, a huge step backwards for transparency and accountability. what's next? gonna start letting people own multiple mansions using anonymous companies too? 
