The British Virgin Islands (BVI) is under fire from UK officials regarding new plans to limit transparency on corporate ownership, which many critics argue exacerbates issues of money laundering. A consultation paper released suggests restricting access to company registers and permitting advance warnings of investigations, alarming MPs and anti-corruption activists who fear it undermines efforts to tackle illicit finances. Former development minister Andrew Mitchell termed the plans as disrespectful to parliamentary demands for transparency, warning of potential manipulation by 'bad actors'. The UK government is contemplating taking legislative action to ensure compliance with transparency standards.
The BVI's move to restrict transparency on corporate ownership has sparked criticism from MPs and anti-corruption advocates, viewing it as a way to facilitate money laundering.
Andrew Mitchell condemned the BVI proposals for showing total contempt for the UK’s push for openly accessible registers, warning they enable bad actors to evade justice.
MPs and campaigners are alarmed that the BVI's plan, allowing advance warnings of investigations, could create a system for bad actors to hide illicit activities.
The UK government may need to implement rare legislative measures to ensure the BVI adopts necessary transparency standards amid rising tensions over financial secrecy.
#british-virgin-islands #corporate-transparency #money-laundering #anti-corruption #governmental-policy
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