Menu

FTC Submission to the UK’s Draft Registration of Overseas Entities Bill

September 25th, 2018

Submission Date: 24 September 2018

The ability to hide and spend suspect funds overseas is a large part of what makes serious corruption and organised crime attractive and possible. In order to steal public money, corrupt individuals need to be able to hide those funds in the international financial system and find somewhere attractive to spend them. Over the past three years the UK has taken bold and meaningful steps towards tackling corruption, most notably by legislating for the creation of the PSC register of UK companies (the PSC Register) and enacting clause 51 of the Sanctions and Anti-Money Laundering Act 2018, which requires the creation of public beneficial ownership registers of companies registered in the British Overseas Territories. Financial Transparency Coalition therefore welcomes the publication of this Draft Registration of Overseas Entities Bill (the Draft Bill), as it cements this government’s ambition to end the use of the UK as a safe haven for the world’s criminal and corrupt. 

Read the submission

RT @michaelpmdavis: #18IACC: @cynthia_gabriel Lesson from #1MDB case is how corrupt transactions cross boundaries through money flows that…
- Tuesday Oct 23 - 3:54pm

Follow @FinTrCo