BVI and other overseas territories miss final deadline for anti-corruption measure

New law aiming to crack down on financial crime still not implemented in four jurisdictions

Several of the UK’s offshore territories, including the British Virgin Islands (BVI), have failed to meet the final deadline for a key measure aimed at stamping out financial corruption.

The jurisdictions have been ordered by the UK government to bring in public registers of company ownership, a move intended to prevent financial secrecy – and by extension tax evasion, money laundering and fraud.

Other territories to have missed the deadline include Bermuda, Anguilla, and the Turks and Caicos Islands.

In a joint statement published today, a group of NGOs including the UK Anti-Corruption Coalition warned that the BVI and other offshore centres are undermining efforts to crack down on criminality.

“Without decisive action, dirty money will continue to flow through the UK’s back door, enabling organised crime gangs and money launderers to hide their wealth, evade sanctions and damage the UK economy,” said the statement.

It said inaction would allow the continuation of crimes that disproportionately affect the economies of poorer countries, and harm the ability of those countries to provide public services.