The Berlin-based anti-corruption campaign group Transparency International (TI) is calling for a law change in the British Virgin Islands and the Cayman Islands to staunch the flow of what the pressure group terms ‘dirty money’.
TI argues that greater transparency through public registers would make it much easier for banks to conduct proper risk assessments on their current or potential clients. TI says that it is fundamental in the fight against corruption to limit the places where corrupt money can hide. Beneficial ownership registers are TI claims a strong tool in the anti-corruption toolkit because they limit the use of shell companies used to launder money or hide stolen money that has been siphoned away from public purses around the world.
For more visit the TI website.
