<< return
 

An Open Letter from the World's MPs to David Cameron

"Many of these jurisdictions have become the venues of choice for the anonymous corporations that facilitate tax evasion, organised crime, and terrorist financing," writes Akaash Maharaj.


 

Akaash Maharaj
12 May 2016

The Huffington Post
 

LONDON - The following article is taken from Akaash Maharaj's letter to Prime Minister David Cameron of the United Kingdom.

Dear Prime Minister Cameron,

We are writing on behalf of parliamentarians from around the world and from across Britain's political parties, to make a common appeal to you, as we prepare for the Anti-Corruption Summit you are convening in London.

To give but one example, an estimated £700 billion is siphoned out of developing countries each year through money laundering and other corrupt practices. By contrast, the total cost of achieving all eight UN Millennium Development Goals would have been £350 billion.

There is a better world within our grasp: a world without hunger; without thirst; without needless disease. But corruption is stealing that world from us.

Lancaster House

By its nature, corruption breeds in the dark and withers under the glare of public scrutiny. As a result, we believe that the most powerful tools to combat corruption are publicly accessible registers of beneficial ownership of corporations. These registers ensure that the true owners of corporations are known to public institutions, media, and citizens. They thwart the ability of the corrupt to hide their illicit wealth and the evidence of their crimes behind a veil of corporate anonymity.

We applaud your leadership in creating precisely such a national register for the United Kingdom. We can not overstate the importance of your decision, especially given London's central role in global finance, nor do we underestimate the political capital you expended to take this stand. It has the potential to make the world a better place.

But we are deeply concerned that this potential will be left unrealised because of one catastrophic gap: Britain's Overseas Territories and Crown Dependencies.

The Panama Papers have starkly revealed that many of these jurisdictions have become the venues of choice for the anonymous corporations that facilitate tax evasion, organised crime, and terrorist financing. Indeed, more than half the companies exposed by the Panama Papers were based in the British Virgin Islands alone.

The recent agreement with the Overseas Territories and Crown Dependencies gestures in the right direction, by committing them to create their own beneficial ownership registries. However, we are alarmed that these jurisdictions have retained the option to keep their registers closed to inspection by the public and the free press.

We respectfully submit that if territories under British authority are left free to give safe harbour to publicly anonymous corporations, then Britain's achievements and credibility in the global anti-corruption movement will be undermined.

The parliamentarians, heads of government and heads of state who will gather at the International Anti-Corruption Summit in London will be there at your call, and will therefore look to you as they judge whether this will be an exercise in words or in deeds. We urge you to seize the moment and challenge the nations of the world to follow where you lead.

We urge you to announce that you will ensure that there will be public registers of beneficial ownership across the United Kingdom and the British Overseas Territories and Crown Dependencies.

Yours sincerely,

Akaash Maharaj (Chief Executive Officer, GOPAC)

Catherine McKinnell MP (Co-Chair, GOPAC UK); Nigel Mills MP (Co-Chair, GOPAC UK)

Margaret Hodge PC MP (Chair, UK APPG on Responsible Tax); David Davis PC MP (Vice-Chair, UK APPG on Responsible Tax)

John Hyde JP (Chair, GOPAC Oceania); Mary King (Chair, GOPAC Caribbean); Osei Kyei-Mensah-Bonsu MP (Chair, GOPAC Africa)


 

 

Tweet this article at Twitter » To tweet this article through Twitter, please click here.

Post this article at Facebook » To post this article at Facebook, please click here.

Share this article at LinkedIn » To share this article at LinkedIn, please click here.



















Privacy Policy
Akaash Maharaj - Breaking News

 

Remembering Desmond Tutu

 

My article in the Globe and Mail


Television appearances

TVOntario’s The Agenda
 

Reflecting on the life of Queen Elizabeth II


Radio interviews

United Nations
 

My address in the UN General Assembly Chamber


Published articles

CBC Radio’s The House
 

The dirt on the federal two billion trees programme

   
 
iTunes Podcast
 
My YouTube Channel
 
My Twitter Tweets
 
My Thread posts
 
My Facebook Profile
 
My Instagram Gallery
 
My LinkedIn Profile
 
My Tumblr Page
 
My Reddit User Page
 
My TikTok videos
 
My RSS 2.0 Newsfeed