UK watchdog takes fresh aim at financial secrecy
Global watchdog Transparency International (TI) UK has published comprehensive guidelines for implementing publicly-accessible beneficial ownership registers in the UK’s offshore financial centres.
If the guidelines are adopted by the UK government, they could have major implications for the BVI, which has not complied with the UK’s directive for publicly accessible registers.
The new report, “Unlocking Ownership Data,” urges the UK to require all companies and legal entities in offshore centres to disclose their real owners, ensure that the data is accurate and regularly updated, and give access not only to law enforcement but to journalists and civil society.
TI says strong enforcement, including sanctions for non-compliance, is needed if global efforts to tackle money laundering and corruption are to succeed.
“Beneficial ownership transparency is one of the most effective ways to stop dirty money,” TI noted in its recommendations, adding that public registers allow criminals and corrupt officials to be held accountable when they try to hide assets.
The BVI has faced sustained international scrutiny over its role as a financial centre. The UK had set an April 2025 deadline for overseas territories, including the BVI, to implement so-called “legitimate interest” access to beneficial ownership information. However, that deadline passed without the measure being enacted.
UK lawmakers have since criticised the delay, warning that the territory risks being seen as backsliding on financial transparency. Recent efforts by the BVI government, including the launch of a cartoon character “Riley Right” to promote compliance, were dismissed by some critics as symbolic rather than substantive.
Analysts warn that the BVI’s economic future could be directly affected by continued non-compliance with UK directives. But the BVI continues to maintain that the UK directives violate human rights and could cause the territory to lose significant business.
The call for stronger ownership transparency comes as Transparency International and its partners released new global research highlighting the risks of opaque company and property ownership. The findings show that secrecy in offshore structures continues to enable illicit financial flows and large-scale corruption.
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Start with the big countries first
Why does the public media need to know who owns the companies when the authorities can get the information without issue when requested? It’s not a secret now but Tom Dick & Harry can’t call FSC & demand to know. So this seems silly and is just a tactic of white supremacy being used unjustly against us because we craved a niche out of their customer base. We are highly regulated and scrutinized, but we don’t bank their money here. So what’s to stop anyone from going to incorporate in another jurisdiction and to continue to bank in Cayman, Turks or Antigua? So why is this just for us? Why do they want to invade UK citizen’s privacy in order to harass them? Do their institutions have the same requirements on incorporation? Is there a law against tax planning?
No problems with public access… Make it $500 per enquiry.
Nobody said it has to be free. And the BVI has long sought to feed the gaping maw of the treasury with other peoples’ dimes.
Doesn’t want the public to know how many fingers they personally have in every government contract pie , silent company partners in corruption no names no pack drill.
WHO ASKED YOU AND WHY ARE YOU IN SO MUCH PAIN AND SUFFERING ( HIDDEN SECRETS OR WAH ? )
I am not going to be a moomoo sounding patriotic or nationalistic joining the VIP and natalio to allegedly hide drug Lords monies, Is the ministers get to pocket monies to protect these criminals banking information.
The UK watchdog should be more concerned about the fact that at present, ALL DIRECTORS, SHARE HOLDERS, UBOs of UK registered companies at the UK companies house are all UNVERIFIED. The changes are only now coming in THIS MONTH that require them to verify who they are. Due Diligence is only now coming in!!! We havent even BEGAN to talk about risk screening and risk assessment…NON EXISTENT FOR OWNING A UK COMPANY! This is ABSOLUTELY THE OPPOSITE position in BVI. We have strict measures to know who our clients are BEFORE they can claim to have a 10% or more interest in a BVI company. So who, may I ask, need to be on a grey and black list. Who is a threat to assisting money launderers and the works, i ask myself! Can you imagine if this were the case in the BVI? NO, I CANT BECAUSE THIS MADNESS IS ABSOLUTELY UNHEARD OF AND UNIMAGINABLE!!! Will the UK watchdog mention this part or we just going to pretend like we don’t know the facts right now? Strupes. And the BVI so scaredy scaredy, where are the defenders to put it to these silly Billy goats.
Brave people built financial services into a industry that funds local government from the fire fighters to police. Flimsy people allow it to be bullied and smeared. Stop bending over fight back dirty it the only way to stop a bully.
“Beneficial ownership transparency is one of the most effective ways to stop dirty money,”
lol good luck with that
not our little natures dirty secrets
There is a big difference between secrecy and privacy. For those who don’t know, the registered is open to those who need to know with a simple request. Selling a narrative that is it hidden is an agenda. For who do not know about how is works do not be so quick to say corruption and it’s the government. Another fun fact the Government has no influence over how the FSC operates. Another fun fact chasing companies from the BVI means a BVI in shambles with its largest source of income gone. Then what? Ask the narrative to tell that story.