UK to introduce public registries that will disclose the beneficial owners of companies

London, October 31, 2013 – David Cameron is expected to become the first leader of any country to commit to introducing a public register to reveal the true beneficial owner of companies.

The Financial Transparency Coalition (FTC) strongly welcomes this move, as we have been calling on world leaders to put these public registries in place since our founding in 2009. We believe public registers of beneficial ownership will go a long way towards reducing corruption, money laundering and tax evasion.

Porter McConnell, manager of the FTC, said: “We believe David Cameron has made a brave and far sighted decision with the introduction of this vital transparency measure. That the UK has become the first country to commit to introducing a public register to disclose the beneficial owner of companies is a watershed moment. The UK is helping deprive corrupt politicians and criminals of the use of anonymous companies to hide their real identities. This will go a long way in curbing corruption, money laundering, drug trafficking, tax evasion and financial crime responsible for the continued loss of much needed wealth from the world’s poorest countries.”

“We now call upon the rest of the international community to follow the UK’s example.”

Source: The Financial Transparency Coalition
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