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British offshores opposed the idea of ​​disclosing asset owners

UNITED KINGDOM (OBSERVATORY) – The Government of the Cayman Islands, which are the overseas territory of Great Britain, has thought about preventing at the legislative level the intention of London to disclose the owners of assets registered in these jurisdictions, The Guardian reports.

The British Parliament intends to ensure the openness of the registers by December 31, 2020.

The Prime Minister of the Cayman Islands, Alden McLaughlin, said that the Territory was considering all options, including legislative measures, and accused Britain of returning to the worst manifestations of the injustice of despotic colonial policies.

Bermuda agreed with him, which also calls into question the constitutionality of London’s plans. The remaining 12 overseas territories only proclaimed that the application of the British initiative in practice would be extremely expensive from an economic point of view.

The House of Commons of the British Parliament this week adopted in the third reading the draft law “On Sanctions and Anti-Money Laundering Bill”, according to which the British Virgin Islands, the Cayman Islands and other overseas territories will have to disclose information about the owners of registered in these asset jurisdictions.

The document also included the British version of the “Magnitsky law”, which would allow the British government to deny visas and entry to the country to persons accused of gross violations of human rights and corruption. The first part of its “Magnitsky law” Britain adopted a year ago in the form of an article in the law “On Finances of Criminal Origin”, which allows the government to freeze the assets of human rights violators and corrupt officials.

In this case, the possession of the British crown, that is, the Isle of Man, Guernsey and Jersey, was generally excluded from the law.

Authors of the bill and their supporters believe that the secrecy of beneficial ownership that has developed in low-tax jurisdictions allows money laundering, which contributes to corruption, criminal activity and harassment, including in Russia.