The UK has spearheaded improvements in the transparency of beneficial ownership information. Her Majesty’s Revenue and Customs is already building a register of trusts with tax consequences, which will improve transparency and assist law enforcement agencies.
We are now a year on from the anti-corruption summit. Will the UK now ensure that the overseas territories and Crown dependencies also have public registers of beneficial ownership?
We will carefully consider the commission’s proposals for a broader register. If those proposals go forward, the Government will consult on what the register should look like after the negotiations have concluded.