Britain will force its overseas tax havens to publicly disclose the true owners of companies following a series of dirty money scandals.
Theresa May’s government conceded defeat on Tuesday after party rebels backed plans to force Britain’s overseas territories to introduce publicly-accessible ownership registers to tackle money laundering, corruption and tax dodging.
The move was resisted by some of the 14 territories that have developed major financial services - including the British Virgin Islands (BVI) and the Cayman Islands – who will be compelled to set up ownership registers if they do not comply by December 2020.
The UK government came under pressure to impose the rule on its former colonies after a leak of millions of documents from legal services provider Mossack Fonseca in 2016, known as the Panama Papers, revealed the extent that accounts based in the territories had been used to facilitate financial crime.
The campaign for greater transparency was given fresh impetus following the suspected state-sponsored poisoning of a Russian former spy in Salisbury, southern England, in March and the government’s stated ambition to target Russian illicit money flowing into the UK.
Campaigners this week highlighted figures suggesting that seven times more Russian money flowed to the overseas territories than the UK over the last ten years, amounting to some £68 billion.
Officials for the islands said that the move to impose the registers would infringe the territories’ right to self-determination. “It’s simply not right. This is all smacking of colonialism,” Lorna Smith, the BVI’s former envoy to London and a representative of its finance industry, told the BBC.
Britain has increasingly sought to devolve powers to the territories, former colonial possessions that have retained links to the UK, but has occasionally imposed rules including to ban the death penalty.
The overseas territories currently benefit from free access to the EU single market, funds and access to decision-makers to put their case amid calls that they should be blacklisted by the 28-nation bloc because of the secrecy of their financial services industries.
Those advantages are set to be cut when Britain leaves the EU in 2019, potentially decreasing the advantages of the ties with the former colonial power.
It has prompted debate that the territories would weaken their ties with the UK and seek greater advantages with other regional groupings.
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“The idea of the UK being a benevolent patron is wearing a bit thin,” said Dr Peter Clegg, an associate professor at the University of the West of England. “They feel their interests are not necessarily going to be defended. There were suggestions that the UK felt that the overseas territories with offshore financial centres were a bit of an embarrassment.”
Britain is the only major nation that has so far introduced fully public ownership registers during a campaign against corrupt cash under the premiership of Mrs May’s predecessor, David Cameron. The BVI agreed to collect and share ownership data with UK investigators but refused calls by Mr Cameron to make the information public.
Orlando Smith, the premier of the BVI, said in a statement last week that his government rejected the idea that “our democratically elected Government should be superseded by the United Kingdom Parliament, especially in an area which has been entrusted to the BVI people.
“It would undermine the constitutional relationship between the BVI and the UK and indeed be a sad day for democracy,” he said.
Eric Bush, the Cayman Islands representative in the UK, told the National that a push for independence “is not something considered seriously in the Cayman Islands to date”.
An attempt by lawmakers to introduce the registers last year failed following a lobbying effort by representatives of the financial centres and a refusal by ministers to coerce the semi-autonomous territories into accepting the measures.
But Mrs May was weakened by a disastrous election result last year that saw her heading a minority administration. A rebellion by a small number of her MPs was enough to ensure that the measure would pass.
Duncan Hames, of campaigning group Transparency International, said: “Agreement on this represents a hugely significant moment in the fight against corruption, not just in the UK but around the world.”
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
'Top Gun: Maverick'
Rating: 4/5
Directed by: Joseph Kosinski
Starring: Tom Cruise, Val Kilmer, Jennifer Connelly, Jon Hamm, Miles Teller, Glen Powell, Ed Harris
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
match info
Maratha Arabians 138-2
C Lynn 91*, A Lyth 20, B Laughlin 1-15
Team Abu Dhabi 114-3
L Wright 40*, L Malinga 0-13, M McClenaghan 1-17
Maratha Arabians won by 24 runs
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
Killing of Qassem Suleimani
EXPATS
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Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Plan to boost public schools
A major shake-up of government-run schools was rolled out across the country in 2017. Known as the Emirati School Model, it placed more emphasis on maths and science while also adding practical skills to the curriculum.
It was accompanied by the promise of a Dh5 billion investment, over six years, to pay for state-of-the-art infrastructure improvements.
Aspects of the school model will be extended to international private schools, the education minister has previously suggested.
Recent developments have also included the introduction of moral education - which public and private schools both must teach - along with reform of the exams system and tougher teacher licensing requirements.
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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