UK accused of caving-in to British Virgin Islands over access to company register

"The UK government has been accused of caving-in to pressure from the British Virgin Islands by allowing it to limit access to a register of company share ownership to only those deemed to have a legitimate interest. The restriction, to be discussed at talks starting on Tuesday between Foreign Office ministers and leaders of the British overseas territories (BOTs) in London, is in defiance of legislation passed by the UK government as long ago as 2008 that would make the register available to all."

"The backsliding by the BOTs has led an all-party group of MPs to urge ministers to recognise that the talks this week represent the last chance to clamp down on embarrassing corruption in the UK's own back yard before the Foreign Office holds a high-profile international anti-corruption conference next year. The conference was announced by the previous foreign secretary, David Lammy."

British overseas territories, notably the British Virgin Islands, are seeking to limit access to a register of beneficial company share ownership to people judged to have a legitimate interest. That position conflicts with UK legislation from 2008 that would make the register publicly available. Public registers of beneficial share ownership are widely regarded as the most effective way to expose corruption and tax evasion in overseas territories. An all-party group of MPs says the BOTs' backsliding requires ministers to press for promised transparency measures at upcoming talks. The group calls for urgent action ahead of next year’s Global Illicit Finance Summit.

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