Make Crown Dependencies/Overseas Territories compile public central registers
Panama Paper leaks revealed huge scale of UK involvment in tax avoidance/evasion schemes via Crown Dependencies(CD) and Overseas Territories(OT).
CDs and OTs should be made to compile, maintain and make publicly available a central register of beneficial ownership.
It is time for action.
This would allow HMRC to accurately target those avoiding or evading their tax responsibilities.
The UK Government has in the past attempted to push some CDs and OTs to adopt a central register.
Unfortunately there has been a lot of delaying by the worst offenders for example the British Virgin Islands, the largest tax haven in the Panama Papers leak.
The UK Government has a responsibility to ensure good governance in these territories and should take whatever actions are necessary to this end.
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