The UK government has reached agreements with British Overseas Territories and Crown dependencies for the rapid sharing of beneficial ownership information in respect of corporate and legal entities incorporated in their jurisdictions. On 21 April 2016, these new territories – being Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Channel Islands, Gibraltar, Isle of Man, Turks and Caicos Islands - joined the agreement entered into between Germany, Britain, France, Spain and Italy setting up a confidential beneficial ownership register. The arrangements will come into effect no later than 30 June 2017. In the future, nobody should be able to incorporate secretive shell companies that have in the past been used as conduits for evading tax, laundering money and benefitting from corruption.
The governments of the United Kingdom, Overseas Territories and Crown Dependencies recognise the importance of the provision of beneficial ownership information to prevent and detect: corruption money laundering terrorism financing financing of the proliferation of weapons of mass destruction other serious and organised crime To that end, they have signed arrangements regarding the timely, safe and secure access for tax and law enforcement authorities to such information.