London, Oct 11 (AFP/APP):Recent events in the British Virgin Islands and Cayman Islands are seen by some as an indication that Britain is showing signs of improving tax transparency in its overseas territories, although activists say more still needs to be done. Two years ago, an amendment made to UK anti-money laundering legislation required overseas territories including Bermuda, Jersey, Guernsey and the Isle of Man to establish public registers to show the real owners of shell companies. The British Virgin Islands, considered by anti-corruption and anti-money laundering groups as one of the murkiest financial centres in the world, was the last to join, but has finally done so. “It’s huge news,” Nienke Palstra, of Global Witness, told AFP. “They had been dragging their feet, even though it’s been a legal obligation since 2018.” Huge recent data leaks, including the FinCEN files and the Panama Papers, showed that the Caribbean archipelago was a major global hub for money laundering and tax evasion. Concerns remain Alex Cobham, from the global Tax Justice Network (TJN) research and analysis group, said although BVI’s commitment to publish records was welcome, it would have little effect. The islands — home to some 35,000 people in an … Continue reading UK urged to do more to open up tax havens to public scrutiny