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Conference Countdown 2016: Tackling global corruption should be a core Liberal campaign

On April 3 2016, just under 12 million documents were leaked from the Panamanian law firm Mossack Fonseca containing financial details on over 200,000 offshore companies. While the bulk of our nation’s media coverage was of David Cameron’s family investment fund – Blairmore Holdings – and the former Prime Minister of Iceland’s resignation, most news outlets underplayed the real significance of the investigation: the details of shell companies used to profit from criminal activity and how the lack of transparency in opaque jurisdictions such as the British Virgin Islands, Seychelles or Bahamas provides cover for organisations involved in people trafficking, narcotics, selling arms to despotic regimes and terrorism.

On Saturday, Tower Hamlets Liberal Democrats are moving a motion demanding that the UK calls time on the lack of progress in our overseas territories and sets a deadline for the implementation of centralised registers which make the beneficial ownership of companies available both to relevant authorities and to the public.

The UK has a strong record in this area: Vince Cable drove forward the development of legislation for Companies House to implement a register of Persons of Significant Control during the coalition and the register is now starting to be filled with statements of beneficial ownership. It is due for completion in June 2017.

Posted in Conference and Op-eds | Also tagged , , and | 8 Comments
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