Press release 10th Nov 2023

Senior MPs call for corporate transparency in Overseas Territories

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A group of senior MPs have called for increased corporate transparency in Britain's overseas territories in a new report on the UKs relationship with Central Asia.

Countries at crossroads: UK engagement in Central Asia warns the the UK has become a “leading enabler” for corrupt central Asian elites and “complicit in washing” illicit profits through the city of London.

In the report the committee makes a number of recommendations to government regarding Britain's Oversea Territories including ensuring their governments comply with the extended
deadline of implementing public registers of beneficial ownership with full and free access to company data, The committee also recommends there should be no extensions to the current deadline for this.

Responding to the report Duncan Hames, Director of Policy, Transparency International UK said:

“The Foreign Affairs Committee have highlighted, once again, the cost of inertia when it comes to funding British law enforcement. If the UK is to no longer serve as a safety deposit box for kleptocrats, those tasked with tackling economic crime must be resourced to fully investigate and pursue criminal wealth. As we've seen from performance to date, you can't fight high-end corruption and money laundering on the cheap.

“It is clear from this report that Parliament do not want yet more delay to corporate transparency in the Overseas Territories. So long as criminals and the corrupt can exploit these jurisdictions to launder their ill-gotten gains, Britain's national and economic security, and the security of our allies, is at risk.”