UK Parliament block attempts to enforce fully public beneficial owner register in British Overseas Territories

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Attempts to bring tax transparency in British overseas territories in line with EU standards were rejected by UK parliament. The members were proposed to create a final amendment to the Criminal Finance Bill, which passed the final voting stages in the House of Lords last week however failed to reach statute. If the House of Commons also accepted the amendment, it would mean all British overseas territories having to create fully public registers regarding the beneficial ownership of companies. The process of last minute additions is coined a “wash-up” procedure, something that is triggered by the snap general election that will occur in the UK on June 8th.