Seven of the UK’s Overseas Territories are infamous for the role they play as secrecy jurisdictions, according to a new report by Global Witness, Christian Aid, Transparency International and Tax Justice Network.
The report, The UK´s corruption problem, examines the progress that these seven Territories have made towards transparency in the last two years. Each of the Territories have been graded as green, yellow, orange or red for their commitments with respect to tax and beneficial ownership transparency. The authors look at the ease with which people can hide money from tax authorities in Overseas Territories’ banks. The report concludes that all seven Territories have made progress in this area in the last two years. There is still further work to do nonetheless: the progress primarily benefits tax authorities in rich countries, leaving out those in developing countries.
You can download the document here.
