UK: UK watchdog takes fresh aim at financial secrecy

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.

UK: UK watchdog takes fresh aim at financial secrecy

UK: UK watchdog takes fresh aim at financial secrecy

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.

14 February 2025

UK: £5.5billion lost to tax evasion could be significant underestimate, PAC report warns

HMRC not sufficiently curious on true scale of evasion, with no strategy for tackling it. Public Accounts CommitteeThe true cost of tax evasion is likely being vastly underestimated, as loopholes in

Read More
7 December 2024

CAREY OLSEN: Carey Olsen advises MNRPF on £450 million longevity swap transfer

Press release from Carey Olsen, Friday 6 December, 2024. Carey Olsen Guernsey has advised the trustee of the £1 billion Merchant Navy Ratings Pension Fund (“MNRPF”) on its longevity swap

Read More
20 January 2024

ASIA: India blocks access to major offshore crypto exchanges

India has reportedly suspended access to numerous foreign cryptocurrency exchanges, such as Binance, KuCoin, and OKX. According to the Economic Times, this action follows a period of continued non-compliance

Read More
27 June 2025

HONG KONG: Hong Kong sharpens crypto hub focus amid rising global competition with new blueprint

Hong Kong is intensifying its bid to become a global digital asset (DA) hub with the release of an updated policy statement focused on accelerating stablecoin use and tokenisation efforts, amid renewed

Read More