City A.M. Quotes Jasper Helder on Crackdown on Offshore Corporate Secrecy
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City A.M. has quoted Jasper Helder, international trade partner at Akin Gump, in the article “Q&A: MPs on verge of backing ‘historic’ crackdown on offshore corporate secrecy.” The article discusses proposed legislation in Britain that could force British overseas territories to open up businesses to an unprecedented level of public scrutiny.
Local governments in those overseas territories, according to the article, are opposed to the law because it would force them to implement a public register of beneficial ownership by January 1, 2021. Those in favor say the lax tax laws in those jurisdictions allow companies to hide the illegal gains of crime.
Helder said that the arguments for transparency have already played out before, and been won by those backing public registers on the European stage. “I think at this moment the transparency trend will prevail,” he said.
A private register, Helder added, “can also provide a shield for people who have acquired their money in illegal ways to hide it.”
