{"id":511,"date":"2018-05-02T17:41:50","date_gmt":"2018-05-02T17:41:50","guid":{"rendered":"http:\/\/ielrblog.com\/?p=511"},"modified":"2018-05-02T17:42:58","modified_gmt":"2018-05-02T17:42:58","slug":"uk-parliament-votes-to-crack-down-on-anonymous-offshore-companies","status":"publish","type":"post","link":"https:\/\/ielrblog.com\/index.php\/2018\/05\/02\/uk-parliament-votes-to-crack-down-on-anonymous-offshore-companies\/","title":{"rendered":"UK Parliament Votes to Crack down On Anonymous Offshore Companies"},"content":{"rendered":"<p>On Tuesday, the British parliament <a href=\"https:\/\/www.theguardian.com\/world\/2018\/may\/01\/how-labour-and-tory-duo-teamed-up-to-win-tax-haven-u-turn-margaret-hodge-andrew-mitchell\">voted<\/a> to add an amendment to the UK Sanctions and Anti-Money Laundering Bill to require 14 overseas territories, among them the Cayman Islands and the British Virgin Islands, to implement public ownership registers by 2020.<\/p>\n<p>The bipartisan amendment was introduced by the Labour Party\u2019s Margaret Hodge and the Conservative Party\u2019s Andrew Mitchell. The Hodge-Mitchell Amendment is an effort to fight corruption and money laundering in the U.K.\u2019s offshore territories.<\/p>\n<p>The amendment is part of a renewed push at both the E.U. and national levels to increase transparency of beneficial ownership information. On the E.U. level, the recently-adopted 5<sup>th<\/sup> Anti-Money Laundering Directive requires that member states establish registers of beneficial ownership information and make that information accessible shortly after the entry into force of the directive.<\/p>\n<p>Experts have speculated about how member states will transpose the 5<sup>th<\/sup> AMLD into domestic law. With Brexit looming, the U.K. has been particularly subject to such scrutiny. The passage of the Hodge-Mitchell amendment suggests that the U.K. is committed to ensuring cross-border cooperation and harmonization of AML laws with its E.U. counterparts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Tuesday, the British parliament voted to add an amendment to the UK Sanctions and Anti-Money Laundering Bill to require 14 overseas territories, among them the Cayman Islands and the British Virgin Islands, to implement public ownership registers by 2020. The bipartisan amendment was introduced by the Labour Party\u2019s Margaret Hodge and the Conservative Party\u2019s [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[18],"tags":[],"class_list":{"0":"post-511","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-entity-transparency","8":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UK Parliament Votes to Crack down On Anonymous Offshore Companies | IELR Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ielrblog.com\/index.php\/2018\/05\/02\/uk-parliament-votes-to-crack-down-on-anonymous-offshore-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Parliament Votes to Crack down On Anonymous Offshore Companies | IELR Blog\" \/>\n<meta property=\"og:description\" content=\"On Tuesday, the British parliament voted to add an amendment to the UK Sanctions and Anti-Money Laundering Bill to require 14 overseas territories, among them the Cayman Islands and the British Virgin Islands, to implement public ownership registers by 2020. 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