Britain is set to make its overseas Taxhavens disclose the true owners of companies registered there in a bid to clamp down on TaxAvoidanceand money-laundering.
Legislation before the House Of Commonsrequires British OverseasTerritories such as the Cayman Islandsand British Virgin Islandsto set up public "beneficial ownership" registers. Britain can force them to do it if they don't comply by December 2020.
The Conservative minority government agreed Tuesday to back the opposition-proposed amendment to its Sanctions and Anti-Money LaunderingBill after enough Conservative lawmakers supported the measure.
Labour lawmaker Margaret Hodge, who proposed the measure, said it would help stop Taxevaders and criminals from hiding their "toxic wealth." The bill is expected to become law later this year.
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