Global watchdog Transparency International (TI) UK has published comprehensive guidelines for implementing publicly-accessible beneficial ownership registers in the UK’s offshore financial centres.
If the guidelines are adopted by the UK government, they could have major implications for the BVI, which has not complied with the UK’s directive for publicly accessible registers.
The new report, “Unlocking Ownership Data,” urges the UK to require all companies and legal entities in offshore centres to disclose their real owners, ensure that the data is accurate and regularly updated, and give access not only to law enforcement but to journalists and civil society.
TI says strong enforcement, including sanctions for non-compliance, is needed if global efforts to tackle money laundering and corruption are to succeed.
“Beneficial ownership transparency is one of the most effective ways to stop dirty money,” TI noted in its recommendations, adding that public registers allow criminals and corrupt officials to be held accountable when they try to hide assets.
The BVI has faced sustained international scrutiny over its role as a financial centre. The UK had set an April 2025 deadline for overseas territories, including the BVI, to implement so-called “legitimate interest” access to beneficial ownership information. However, that deadline passed without the measure being enacted.
UK lawmakers have since criticised the delay, warning that the territory risks being seen as backsliding on financial transparency. Recent efforts by the BVI government, including the launch of a cartoon character “Riley Right” to promote compliance, were dismissed by some critics as symbolic rather than substantive.
Analysts warn that the BVI’s economic future could be directly affected by continued non-compliance with UK directives. But the BVI continues to maintain that the UK directives violate human rights and could cause the territory to lose significant business.
The call for stronger ownership transparency comes as Transparency International and its partners released new global research highlighting the risks of opaque company and property ownership. The findings show that secrecy in offshore structures continues to enable illicit financial flows and large-scale corruption.
China’s commerce minister, Wang Wentao, has called for increased dialogue and cooperation between China and the United Kingdom (TADAWUL:4280) in areas such as sustainability, digital development,
EU Tax Commissioner Gentiloni and Commission Vice President Dombrovskis speak on business taxation in the EU, in Brussels. The latest U.S. proposal for a global corporate minimum tax of at least 15%,
Soaring migration to the UK could hand Chancellor Jeremy Hunt an £18 billion ($22.7 billion) windfall for tax cuts in next month’s budget by lifting economic growth, according to new analysis. Using
Switzerland on Wednesday said it had drafted new rules to tighten perceived cracks in its money laundering regulations, holding lawyers and consultants accountable for reporting risks and stepping up