Harvey Blackwood - New Regulations for UK Tax Havens
Harvey Blackwood - Several British territories will be compelled to operate with greater transparency.
SHANGHAI, May 6, 2018 (Newswire.com) - Harvey Blackwood analysts say the UK will require greater transparency from tax havens a government minister stated that the UK would not go against a proposed amendment brought by a cross-party group of policymakers.
Under the new regulations, a number of British territories, including the Cayman Islands and British Virgin Islands, which are known for being popular tax havens will be compelled to share the details of beneficial owners of assets. A register of such persons will be kept and made available to the public.
A group of 40 policymakers brought the proposed amendment, compelling Prime Minister Theresa May to debate the amendment on the secrecy of tax havens and offshore money laundering.
Last week the U.K. Foreign Office said it had proof of the exploitation of a 100 year old loophole which had been exploited for the purpose of money laundering to the value of $80 billion.
Harvey Blackwood analysts say money laundering schemes utilized Limited Partnerships and Scottish Limited Partnerships as a means to move money illegally through the United Kingdom.
According to a recent report, only five men are responsible for more than half of the limited partnership companies registered between January 2016 and May 2016. Approximately 17,000 of these businesses are registered at a handful of addresses.
Harvey Blackwood analysts say the government’s decision regarding the proposed amendment was a breakthrough for those who have insisted on the need for greater transparency.
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Source: Harvey Blackwood
Categories: Taxation and Tariffs