Report published on UK Overseas Territories

The assessment published by Christian Aid, Global Witness, and the Tax Justice Network and Transparency International UK, under the name “The UK’s Corruption Problem”, reveals the fact that the UK has not actually made significant improvements as to financial transparency in its Overseas Territories. The report is issued just before the leaders of these offshore jurisdictions come to London for the annual meeting with the British government.

BVI, along with Bermuda and the Cayman Islands, is named among the seven UK-controlled secrecy jurisdictions. There are two aspects of financial secrecy in these tax havens considered in the report. The first one is the extent to which bank accounts can be invisible for tax authorities of other countries. Although UK Overseas Territories entered into agreements to automatically exchange bank account information with other jurisdictions, it is not put into reality. However, the progress was made in this direction. The second aspect is the extent to which tax evaders can remain undisclosed behind the anonymous companies. The only jurisdictions who have made or will make public the names of people owning and controlling companies so far are Montserrat and Gibraltar, but other territories should do the same, according to the report.

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