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Transparency International UK Response to Cayman Islands Company Register Announcement

October 9, London – Responding to Cayman Islands company register announcement, Duncan Hames, Director of Policy at Transparency International UK said:

“We welcome this commitment by the Cayman Islands which will finally unmask the true owners of companies incorporated there. Today’s announcement represents a major victory in the fight against corruption. We urge other British Overseas Territories to follow their lead in combatting dirty money.”

“Our research shows the corporate secrecy afforded by Britain’s Overseas Territories, including the Cayman Islands, is often exploited by criminals and the corrupt to hide their illicit wealth.”

***ENDS***

Notes to Editors:

Our Cost of Secrecy briefing published in December 2018 illustrates how companies registered in secrecy jurisdictions like the Cayman Islands are used by criminals and the corrupt as a way to mask the true source of their wealth.

Looking at 237 corruption cases from the past 30 years, we identified 1,201 different companies registered in the UK’s Overseas Territories that aided gross abuses of entrusted power for private gain around the world.

Of these 237 cases, 32 were associated with companies registered in the Cayman Islands.

Contact:
Harvey Gavin
harvey.gavin@transparency.org.uk
+44 (0)20 3096 7695
++44 (0)79 6456 034

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Read 89 times Last modified on Wednesday, 9 October 2019 13:33

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