Andrew Mitchell, a Conservative, and Labour’s Margaret Hodge told the chief ministers of the crown dependencies their concerns were so great they would press ahead with moves to demand transparency against the will of the three territories. The three crown dependencies say they are self-governing territories and it is not for the UK parliament to dictate how they are regulated. Mitchell and Hodge said they acknowledged “the rigour with which the crown dependencies cooperate with British law enforcement authorities and the HMRC,” but argued that this legal assistance was insufficient. They pointed to the revelations contained within the Panama Papers and Paradise Papers, published by the Guardian and a consortium of international newspapers, in demonstrating the importance of open scrutiny. The MPs conclude: “Any suggestion regarding the effectiveness of closed registers was completely destroyed by the release of the Panama and Paradise Papers.

Source: The Guardian March 11, 2019 17:10 UTC