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More countries sign up to anti-corruption code More countries sign up to anti-corruption code
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The Isle of Man and Gibraltar are among a group of 22 jurisdictions that have signed up to a new information-sharing initiative to tackle criminals that use corporate secrecy to hide corruption, money laundering and tax evasion.The Isle of Man and Gibraltar are among a group of 22 jurisdictions that have signed up to a new information-sharing initiative to tackle criminals that use corporate secrecy to hide corruption, money laundering and tax evasion.
The countries will join Europe’s five largest economies — Germany, Britain, France, Italy and Spain — who started the initiative, announcing it at an international summit in Washington earlier this month in response to Panama Papers revelations.The countries will join Europe’s five largest economies — Germany, Britain, France, Italy and Spain — who started the initiative, announcing it at an international summit in Washington earlier this month in response to Panama Papers revelations.
George Osborne, who last week promised the project will be a “hammer blow” against criminals who exploit corporate secrecy, said new recruits to the initiative showed “it’s gaining the international support that will be vital to make it truly effective”. George Osborne, who last week promised the project would be a “hammer blow” against criminals who exploit corporate secrecy, said new recruits to the initiative showed “it’s gaining the international support that will be vital to make it truly effective”.
Those now signed up include the Netherlands, Romania, Sweden, Finland, Slovakia, Latvia, Croatia, Belgium, Ireland, Cyprus, Slovenia, Denmark, Malta, Lithuania, Bulgaria, Portugal, Estonia, Greece Czech Republic and Montserrat.Those now signed up include the Netherlands, Romania, Sweden, Finland, Slovakia, Latvia, Croatia, Belgium, Ireland, Cyprus, Slovenia, Denmark, Malta, Lithuania, Bulgaria, Portugal, Estonia, Greece Czech Republic and Montserrat.
Information on the ownership of companies will be privately shared between police and other government authorities across all those countries signed up to the initiative.Information on the ownership of companies will be privately shared between police and other government authorities across all those countries signed up to the initiative.
Gathering suport for the project is good news for David Cameron, who is preparing to host an anti-corruption summit in London next month — an event that is likely to be dominated by discussions about how the world should respond to offshore abuses laid bare by the Panama Papers leak.Gathering suport for the project is good news for David Cameron, who is preparing to host an anti-corruption summit in London next month — an event that is likely to be dominated by discussions about how the world should respond to offshore abuses laid bare by the Panama Papers leak.
Osborne used growing support for the information-sharing intitiative to heap pressure on the many UK overseas territories and crown dependencies that have featured heavily in corporate secrecy scandals.Osborne used growing support for the information-sharing intitiative to heap pressure on the many UK overseas territories and crown dependencies that have featured heavily in corporate secrecy scandals.
“I welcome the early commitment made by Gibraltar, Isle of Man and Montserrat to participate and call on all of the remaining overseas territories and crown dependencies to do likewise,” he said.“I welcome the early commitment made by Gibraltar, Isle of Man and Montserrat to participate and call on all of the remaining overseas territories and crown dependencies to do likewise,” he said.
“It should be clear to all countries and tax jurisdictions that the world is moving firmly in the direction of greater tax transparency and the UK will continue to push for an internationally agreed blacklist for those that refuse to do the right thing.”“It should be clear to all countries and tax jurisdictions that the world is moving firmly in the direction of greater tax transparency and the UK will continue to push for an internationally agreed blacklist for those that refuse to do the right thing.”
The UK is already committed to a public register of beneficial ownership, but many other countries are introducing registers that will be confidential.The UK is already committed to a public register of beneficial ownership, but many other countries are introducing registers that will be confidential.
“While it’s good to see more information being shared between law enforcement agencies, this will not fix the problems that have been exposed over the past month,” said Robert Palmer, a campaign leader at Global Witness.“While it’s good to see more information being shared between law enforcement agencies, this will not fix the problems that have been exposed over the past month,” said Robert Palmer, a campaign leader at Global Witness.
“This information on company owners needs to be public, so that civil society, journalists and ordinary people can get access to it. That’s what’s happening in the UK – and it’s what needs to happen in the tax havens and elsewhere.”“This information on company owners needs to be public, so that civil society, journalists and ordinary people can get access to it. That’s what’s happening in the UK – and it’s what needs to happen in the tax havens and elsewhere.”
There remains controversy over the exclusion of many trusts and foundations from the initiative, as campaigners say they are one of the corporate structures most frequently associated with offshore asset-hiding. The Isle of Man has a large trust industry, catering to wealthy clients around the world.There remains controversy over the exclusion of many trusts and foundations from the initiative, as campaigners say they are one of the corporate structures most frequently associated with offshore asset-hiding. The Isle of Man has a large trust industry, catering to wealthy clients around the world.
In 2006, the island found its trust industry at the heart of a 340-page US Senate report alleging that many millions of dollars of US tax had been legally avoided by super-rich Americans. The report mentioned the Isle of Man 154 times.In 2006, the island found its trust industry at the heart of a 340-page US Senate report alleging that many millions of dollars of US tax had been legally avoided by super-rich Americans. The report mentioned the Isle of Man 154 times.