UK Overseas Territories: Sunny places for shady people?

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The British Virgin Islands (BVI) has been named more than 113,000 times in the disclosed documents from Panama Law firm Mossack Fonseca, the Bahamas over 16,000 times and Aguilla over 4,000.
However this is not the first time British Overseas Territories have been mentioned surrounding tax avoidance and transparency reporting. In 2008, a debate held by President Obama regarding the case of Ugland House, one stand-alone office block in the Cayman Islands which was reported to house over 13,000 companies.

Obama stated this was either the largest office block in the world, or the biggest tax cheat to be recorded. The website of Ugland House in 2016, now states the building is the registered office of 19,000 companies.

Although the Cayman Islands is technically a self-governing state, is it still classed as British Overseas Territory. The Tax Justice Network suggests that if the Cayman Islands were to be included in official UK rankings, it would place at the top of the tax evasion list, with almost twice as many companies involved in the leak are registered there, than in Panama itself.