Margot Mollat
@margotmollat.bsky.social1/ The UK’s fight against dirty money is at risk. Weak progress in the British Overseas Territories (OTs) threatens to undermine the Foreign Secretary’s anti-corruption campaign. Here’s my take: 🧵
transparency.org.uk
Overseas Territories risk undermining the Foreign Secretary’s campaign to crack down on dirty money
Transparency International UK warns that the UK Government’s crackdown on dirty money risks being undermined by weak progress towards corporate transparency among the British Overseas
transparency.org.uk
2/ Last week, OTs leaders met the UK Government to discuss progress on beneficial ownership registers—a critical tool to fight corruption and money laundering. But the outcome raises more questions than answers.
www.gov.uk
UK and Overseas Territories Joint Ministerial Council 2024: communiqué
The Prime Minister and Foreign Secretary joined elected Leaders and Representatives of the UK Overseas Territories for the twelfth Joint Ministerial Council.
www.gov.uk
3/ While the UK Government reaffirmed its expectation for OTs to provide public access to company ownership info, major financial hubs like the British Virgin Islands rejected this. Frustratingly, the deadline for legitimate interest registers has also slipped from the end of 2024 to mid-2025.
4/ This stand-off shows the need for a clear UKG plan to hold OTs accountable. Despite years of missed deadlines and empty promises, financial secrecy in our OTs remains a major obstacle to tackling illicit finance.
5/ I welcome the Foreign Secretary’s campaign to crack down on dirty money and his bold claim that "the golden age of money laundering is over." But within the British Overseas Territories, the reality tells a different story.
transparency.org.uk
UK Government announces ‘clamp down on corruption and illicit finance’
This afternoon the Foreign Secretary launched a new campaign to tackle the dirty money flowing into and through the UK. Standing outside Brompton Road tube station, David Lammy announced sanctions on
transparency.org.uk
6/ To meet its ambition, the UK Government must set clear transparency standards for OTs. At the very least, these should match EU standards: giving journalists, researchers, and academics with a 'legitimate interest' full access to ownership registers.
7/ Another year of delays or ineffective measures isn’t an option. The Foreign Secretary must hold OTs to their word and ensure they deliver. Failing this, financial secrecy in our offshore centres will undermine his anti-corruption efforts.
8/ As many OTs consult on their new registers, we will be feeding into what good legitimate interest looks like. And ensuring the Government sets clear expectations. We won’t let June 2025 slip away - we will be watching.