Yesterday I was proud to be a part of the team that successfully won over the Government to change the laws around financial transparency, money laundering and corruption overseas yesterday.
The new laws will force the Government to implement a register of beneficial ownership from 2020 and give the UK greater financial transparency from British Overseas Territories, including the ‘tax havens’ of the British Virgin Islands and Cayman Islands.
The UK is losing out on £15-20 billion from money laundering every year. That is a phenomenal amount of money for our schools and hospitals to be missing.
The rich are hiding their assets to avoid taxes, damaging our local and national economies without retribution. The people who end up paying are those who live and work in our area.
The level of corruption is frightening, so to win over the Government and change the law is a huge step towards a fairer society.