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David Cameron to Seek More Transparency From Offshore Firms Buying in Britain David Cameron to Seek More Transparency From Offshore Firms Buying in Britain
(about 4 hours later)
LONDON — Two days after being overheard describing two nations as “fantastically corrupt,” Prime Minister David Cameron of Britain is expected to announce plans on Thursday to clamp down on money laundering in his own backyard. LONDON — Two days after being overheard describing two nations as “fantastically corrupt,” Prime Minister David Cameron of Britain announced plans on Thursday to clamp down on money laundering in his own backyard.
Mr. Cameron, who will lead a one-day summit meeting on corruption on Thursday, is expected to outline proposals to make offshore companies that buy property in Britain reveal their true ownership, forcing those that hide behind complex financial structures to accept transparency. Mr. Cameron, who led a one-day summit meeting on corruption on Thursday, outlined proposals to make offshore companies that buy property in Britain reveal their true ownership, forcing those that hide behind complex financial structures to accept transparency.
The same provisions would apply to firms that already own property in the country and to those bidding for British government contracts, Mr. Cameron’s office said. The same provisions would apply to firms that already own property in the country and to those bidding for British government contracts, Mr. Cameron’s office said before the summit meeting.
In practical terms, that would mean that companies buying or owning British property, or tendering for state contracts, would first have to supply information on “beneficial” — that is, real — ownership to a new public register. Foreign companies own around 100,000 properties in England and Wales, more than 44,000 of which are in London, according to the British government.In practical terms, that would mean that companies buying or owning British property, or tendering for state contracts, would first have to supply information on “beneficial” — that is, real — ownership to a new public register. Foreign companies own around 100,000 properties in England and Wales, more than 44,000 of which are in London, according to the British government.
Mr. Cameron hopes that the announcement, indications that other nations may follow suit and efforts to automatically exchange information on true ownership will overcome resistance to change. However, transparency campaigners have called for even more action directed against tax havens. Mr. Cameron hopes that his announcement, along with indications that other nations may follow suit as well as efforts to automatically exchange information on true ownership, will overcome resistance to change. However, transparency campaigners have called for even more action directed against tax havens.
The gathering is to be attended by around a dozen prime ministers or presidents, including the President Muhammadu Buhari of Nigeria and President Ashraf Ghani of Afghanistan, as well as the United States secretary of state, John Kerry. After Mr. Cameron spoke, Secretary of State John Kerry of the United States reiterated the prime minister’s call for transnational action against corruption.
“We have to say no safe harbor anywhere” for criminals and corrupt leaders, Mr. Kerry said.
He also noted a growing sentiment that the rules of capitalism were rigged against ordinary people, which he said was being reflected in the vitriol of the American election season. “People are angry and the anger is going to grow unless we shut the doors and we prove that there is a fairness that can be established,” he said.
The gathering is being attended by around a dozen prime ministers or presidents, including President Muhammadu Buhari of Nigeria and President Ashraf Ghani of Afghanistan.
On Tuesday, Mr. Cameron was overheard telling Queen Elizabeth II that Afghanistan and Nigeria were “fantastically corrupt countries,” and “possibly the two most corrupt countries in the world.”On Tuesday, Mr. Cameron was overheard telling Queen Elizabeth II that Afghanistan and Nigeria were “fantastically corrupt countries,” and “possibly the two most corrupt countries in the world.”
He made the comments at a Buckingham Palace party, prompting Mr. Buhari to say through a spokesman that he was “deeply shocked and embarrassed” by Mr. Cameron’s remarks, which he did not seek to rebut. He made the comments at a Buckingham Palace party, prompting Mr. Buhari to say through a spokesman that he had been “deeply shocked and embarrassed” by Mr. Cameron’s remarks, which he did not, however, seek to rebut.
In comments released by his office on Thursday, Mr. Cameron said that “the evil of corruption reaches into every corner of the world,” adding that it lies “at the heart of the most urgent problems we face — from economic uncertainty, to endemic poverty, to the ever-present threat of radicalization and extremism.”In comments released by his office on Thursday, Mr. Cameron said that “the evil of corruption reaches into every corner of the world,” adding that it lies “at the heart of the most urgent problems we face — from economic uncertainty, to endemic poverty, to the ever-present threat of radicalization and extremism.”
He added: “A global problem needs a truly global solution. It needs an unprecedented, courageous commitment from world leaders to stand united, to speak into the silence and to demand change.”He added: “A global problem needs a truly global solution. It needs an unprecedented, courageous commitment from world leaders to stand united, to speak into the silence and to demand change.”
British officials expect Afghanistan, France, the Netherlands and Nigeria to commit to starting their own public registers of true company ownership, and other nations, including New Zealand and Australia, to take the initial steps toward doing so. British officials expect Afghanistan, France, the Netherlands and Nigeria to commit to starting their own public registers of true company ownership, and other nations, including Australia and New Zealand, to take the initial steps toward doing so.
Plans are also expected to be announced for an International Anticorruption Coordination Center, hosted in London, in partnership with the Australia, Canada, New Zealand, Switzerland and the United States, as well as Interpol. Plans are also expected to be announced for an International Anticorruption Coordination Center, hosted in London, in partnership with Australia, Canada, New Zealand, Switzerland and the United States, as well as Interpol.
But Britain’s relationship with its overseas territories has been criticized by campaigners against tax evasion, after the recent leak of documents known the Panama Papers, in which the British Virgin Islands emerged as a major center of offshore activity. Representatives of Panama and the British Virgin Islands were not invited to Thursday’s meeting. Britain’s relationship with its overseas territories has been criticized by campaigners against tax evasion, after the recent leak of documents known the Panama Papers, in which the British Virgin Islands emerged as a major center of offshore activity. Representatives of Panama and the British Virgin Islands were not invited to Thursday’s meeting, though the Organization for Economic Cooperation and Development announced on Wednesday that Panama had agreed to join around 100 other countries in sharing information automatically to try to tackle the problem of tax evasion.
Mr. Cameron was also embarrassed personally when he eventually admitted that he had earned money through an offshore trust established by his father, who was named as a client of Mossack Fonseca, the law firm at the center of the Panama Papers. Mr. Cameron has also been embarrassed personally after he eventually admitted that he had earned money through an offshore trust established by his father, who was named as a client of Mossack Fonseca, the law firm at the center of the Panama Papers.
In a statement, Nick Bryer, Oxfam’s head of inequality campaign, cast doubt on the scope of the plans that are likely to be outlined. “Registers of company ownership that are not public are simply not good enough,” he said. “The prime minister should push for full transparency of the U.K.’s overseas territories and crown dependencies at the anticorruption summit.” In a statement, Nick Bryer, Oxfam’s head of inequality campaign, cast doubt on the scope of the plans that were outlined. “Registers of company ownership that are not public are simply not good enough,” he said. “The prime minister should push for full transparency of the U.K.’s overseas territories and crown dependencies at the anticorruption summit.”