UK Backs Panama Papers Crackdown On ‘Dirty Money’ Havens

The UK has specific constitutional and legal responsibilities for the 14 Overseas Territories.
Akrotiri and Dhekelia
British Antarctic Territory
British Indian Ocean Territory
British Virgin Islands
Cayman Islands
Falkland Islands
Pitcairn Islands
Saint Helena, Ascension and Tristan da Cunha
South Georgia and the South Sandwich Islands
Turks and Caicos Islands
My question is this. Why did Theresa May’s government allow this piece of legislation to pass? Could the answer be in the closing paragraphs of the ICIJ article. While the 14 overseas territories will be forced “to reveal the names of the ultimate owners behind companies in these remote locations” the Crown Dependencies of Jersey, Guernsey and the Isle of Man will not. Is this just a concession designed to draw the sting, simultaneously allowing government to claim they are dealing with the problems of tax evasion, money laundering and “dirty money” while business continues as usual in the Crown Dependencies.


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