David Cameron begins to deliver his G8 transparency promises by taking a significant step in the fight against corruption and money laundering
As host of the Open Government Partnership Summit in London this week, the UK Government has announced the creation of a public register of beneficial owners of companies in the UK. This is a significant step forward in the fight against corruption and money laundering, which is able to thrive when assets can be hidden through shell companies and opaque ownership structures. The register will help citizens around the world to hold their governments to account by helping to reveal which public officials are the ultimate owners of assets in the UK.
The G8 Summit in June saw the Prime Minister propose a “transparency revolution” through a series of measures including the creation of public registers of beneficial ownership and revenue transparency in the extractive industries. This announcement on the creation of a public register of beneficial owners, after a public consultation, shows that these promises are starting to be delivered.
Transparency International welcomes this announcement.
“This is an important step forward, and could be a highly significant moment in the global fight against corruption. The Prime Minister is starting to deliver on his ambitious G8 transparency agenda, and it is now incumbent on other countries, particularly the G8, to turn words into action. For too long, it has been possible for corrupt public officials throughout the world to launder their assets through the UK and other major financial centres. This new public register will help the UK’s government, financial institutions and civil society to reduce this shameful trade, whose impact is felt most strongly in developing countries.” said Robert Barrington, Executive Director of Transparency International UK.
Transparency International is the civil society organisation leading the fight against corruption
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