Government pulls bill which would have uncovered money launderers

“Ministers have pulled a financial services bill from the House of Commons, fearing the government was almost certain to be defeated on an amendment requiring Jersey, Guernsey and the Isle of Man to clamp down on money laundering.

The Conservative MP Andrew Mitchell and Labour’s Margaret Hodge want the crown dependencies to introduce public share ownership records by December 2020, which the three territories are resisting.

Mitchell said the government had pulled the bill “in face of certain defeat” because it was backed by a group of rebel Tories as well as Labour and the other opposition parties. But the former cabinet minister added that the amendment would be put to the vote whenever the bill was resubmitted.

Hodge said the government had taken an “outrageous step” to pull the bill because “they knew we commanded a majority. I hope the government will accept our proposals but if not we will continue to campaign for public registers.”

Anti-corruption campaigners believe public records of share ownership would restrict the use of anonymous offshore companies by terrorists, dictators, corrupt politicians and criminals. …”

https://www.theguardian.com/politics/2019/mar/04/house-of-commons-financial-services-bill-debate-pulled-crown-dependencies

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