UK Warns 17 Territories It Could Force Ownership Transparency as Progress on Registers Stalls
Updated
Updated · Financial Times · Jun 1
UK Warns 17 Territories It Could Force Ownership Transparency as Progress on Registers Stalls
2 articles · Updated · Financial Times · Jun 1
Baroness Margaret Hodge said the UK could legislate or use constitutional leverage if crown dependencies and overseas territories keep delaying wider access to beneficial ownership registers.
Hodge and justice minister Jake Richards are visiting Guernsey on Monday in a renewed push, arguing the jurisdictions must catch up with tougher EU anti-money-laundering rules and close channels for illicit finance.
Progress remains uneven across the 14 overseas territories: only Gibraltar, Montserrat and St Helena, Ascension and Tristan da Cunha have public registers, while Cayman, the BVI and Turks and Caicos use more limited legitimate-access systems.
The warning raises constitutional and economic tensions because Jersey has previously cautioned that UK intervention could trigger a crisis, while some territories say broader disclosure threatens privacy and finance-sector interests.
Labour had already pledged tougher action on dirty money in December, but campaigners say weak transparency in the dependencies and territories still undermines the UK's anti-corruption strategy.
Can the UK force transparency on its territories without crippling their economies?
As Britain cracks down, will illicit money simply find new havens to hide in?
Is 'legitimate access' a real transparency solution or just a loophole for tax havens?
Under Pressure: The UK, Its Overseas Territories, and the 2026 Anti-Corruption Summit Transparency Deadline
Overview
As the 2026 International Anti-Corruption Summit approaches, the United Kingdom and its Overseas Territories (OTs) are under growing pressure to deliver on promises of beneficial ownership transparency. Despite repeated demands from the UK Parliament and the advancement of the Sanctions and Anti-Money Laundering Act 2018, progress has stalled due to strong resistance from several OTs. This ongoing struggle has damaged Britain’s reputation as a clean and fair business environment. With the summit serving as a critical deadline, the UK faces mounting frustration over broken promises and must decide whether to enforce transparency more decisively to uphold its international commitments.