London seems determined to step up pressure to combat money laundering on its soil. Deputy Foreign Minister Andrew Mitchell has once again pointed the finger at the British overseas territories of the Cayman Islands and the Virgin Islands. Arguing in particular that these two territories “have not yet done everything they should do”.
Speaking to the independent think tank Bright Blue on Tuesday, Andrew Mitchell was clear: if the Cayman Islands and Virgin Islands want to “keep our king and our flag, then they must adhere to our values”. And therefore ensure that dirty money no longer circulates as easily.
London and its overseas territories, a hub for money laundering
For the British executive, the issue is far from negligible. During his speech, reports the daily “The Guardian”, Andrew Mitchell reaffirmed that in terms of money laundering, “the United Kingdom plays an important role because nearly 40% of dirty money in the world passes through through London and its overseas territories. Mainly through the purchase of real estate properties that are officially owned by funds or offshore companies domiciled in these territories. But without providing the British judicial and tax authorities with full access to information relating to the identity of their owners.
This estimate is not new. It was highlighted during the disclosure of the “Panama Papers” by the International Consortium of Investigative Journalists in 2016. And led the government to take measures. “The Guardian” recalls that the Prime Minister at the time, David Cameron, had adopted a law imposing more transparency on the dependencies of the British Crown, but the Cayman Islands and the Virgin Islands did not play the game. always putting forward decisions of the European Court of Justice which impose safeguards for public access to this type of information.
The return of David Cameron
An obvious ill will which had hardly moved London until recent months. However, things should change and the UK should place more emphasis on providing access to information on the beneficial owners of property in its overseas territories, says Andrew Mitchell. And for good reason: his direct superior, the Minister of Foreign Affairs, has been, since last November, none other than David Cameron. The same one who, after the publication of the “Panama Papers”, had made the fight against money laundering a priority.