The United Kingdom Parliament was dissolved yesterday leading up to the country’s June 8 snap elections, but not before legislators passed a bill designed to crack down on financial crime.
The Criminal Finances Act 2017 reportedly has two key provisions: The first allows government to force individuals with low salaries who buy expensive properties to explain the source of their wealth or have their assets seized; and the second allows government to seize assets and revoke the UK visas of people found guilty of human rights abuses.
A third proposed provision would have forced the Virgin Islands and other British overseas territories to establish public registries listing the beneficial owners of the companies they register, but it was removed before the bill was passed, according to the Tax Justice Network, a UK-based organisation that is critical of offshore finance.
The TJN lamented the removal of that provision as a missed opportunity to tackle financial secrecy.
Government and industry officials in the VI have long opposed establishing a beneficial ownership registry — public or otherwise — but the territory has committed to implementing a similar system by the end of next month.
See the May 4, 2017 edition for full coverage.
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