UK calls on Crown Dependencies and Overseas Territories to accelerate BO reforms, citing concerns that corporate secrecy continues to enable ML, tax abuse and hidden illicit wealth

The warning reflects growing frustration over the slow pace of reform, with officials arguing that jurisdictions such as Jersey, Guernsey, the Isle of Man, the British Virgin Islands and the Cayman Islands have too often been used to facilitate tax avoidance, conceal illicit wealth and launder criminal proceeds. The UK is pushing for stronger beneficial ownership registers, which help identify the true individuals behind companies and are considered a critical tool in combating money laundering, corruption and other forms of financial crime…