The UK's 14 overseas territories will have to introduce public registers of company ownership by the end of 2020 under an amendment to a money-laundering bill proposed by MPs Margaret Hodge and Andrew Mitchell. The government agreed to support the amendment after recognising the "majority view in this house" over the issue and despite objections from some territories. A spokesman for the Department for Exiting the European Union said: "The UK is committed to protecting our financial system against money laundering. Once the bill becomes law, territories that will be affected include the offshore financial centres of the British Virgin Islands and the Cayman Islands.
The UK's 14 overseas territories will have to introduce public registers of company ownership by the end of 2020 under an amendment to a money-laundering bill proposed by MPs Margaret Hodge and Andrew Mitchell. The government agreed to support the amendment after recognising the "majority view in this house" over the issue and despite objections from some territories. Campaign group Global Witness has estimated between 2007 and 2016, £68bn ($93bn) left Russia via UK overseas territories. Once the bill becomes law, territories that will be affected include the offshore financial centres of the British Virgin Islands and the Cayman Islands.