Britain is about to open its tax havens

– that is great. It will improve the chances of finding money hidden either by organized crime or through tax evasion, says Finance Minister Magdalena Anderson (S).

What the ICIJ press network revealed in الشبكة Heaven leak And Panama documents Show how widespread the use of tax havens by corporations, powerful people, dignitaries and criminals is to reduce or escape taxes.

About ten percent of global GDP is hidden in tax havens, says the famous French economics professor Gabriel Zucman.

Important financial centers

British tax havens such as the Cayman Islands and the Virgin Islands are important financial centers, both for individuals and companies engaged in advanced tax planning, and for tax evaders and organized crime trying to hide funds.

Professor Daniel Waldenstrom of the Paris School of Economics, who has studied international tax evasion, says it is very important for the UK to take this step.

“Britain has been the financial center of the Western world 100 years ago, and the fact that it is now taking an important step to block the possibility of funds being hidden sends important policy signals to other countries to sign agreements on transparency and information sharing.” He says.

Minister: I hope to see more

– I hope more tax havens will follow, says Finance Minister Magdalena Anderson (S).

According to Transparency International, the Panama Papers included half of the prominent companies in the British Virgin Islands. In working with the infusion, SVT was able to uncover several companies out there. Among others, Icelandic Prime Minister Sigmundur David Gunnlaugsson, who was forced to resign after the SVT revelations, had businesses in the British Virgin Islands.

The previous attempt failed

In Britain, the Conservative government led by David Cameron tried early in 2013 to impose more transparency from British-controlled tax havens, but work has stalled.

But now, a majority of members of the House of Representatives has imposed legislation on opening business registries in 14 territories outside Britain.

The legislation will not formally apply to the old crown colonies, Isle of Man, Jersey and Guernsey, but Parliament hopes the political press will open its business records as well.