The government of the British Virgin Islands (BVI) said it has no plans to establish a central register of true company owners, despite pressure from Britain to adopt the anti-money laundering and tax evasion measure.
The BVI said in a statement on Wednesday it was backing other measures it said would be at least as effective in ensuring law enforcement agencies can find out who is behind shell companies involved in financial crime.
British Prime Minister David Cameron proposed plans for a public register of the beneficial owners of all companies in 2013, during a G8 summit in Northern Ireland. Some of the UK’s overseas territories, including the BVI, have opposed the move.
The BVI is consistently ranked in industry surveys as one of the top offshore locations in the world, in terms of the volume of money flowing through it and the number of company formations there.
Lawyers say secrecy is a key selling point for the territory’s financial industry. However, the BVI said it would continue to talk with the British government about the “merits and impact” of legislation on establishing a central register of beneficial ownership.
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