Chancellor of the Exchequer George Osborne has strongly welcomed news that all British Overseas Territories with significant financial centres have signed up to the government's strategy on global tax transparency, marking a turning point in the fight against tax evasion and illicit finance.
Following the recent leadership shown by the Cayman Islands, the other Overseas Territories – Anguilla, Bermuda, the British Virgin Islands, Montserrat and the Turks and Caicos Islands – have agreed to much greater levels of transparency of accounts held in those jurisdictions. They have agreed to pilot the automatic exchange of information bilaterally with the UK and multilaterally with the G5 – the UK, France, Germany, Italy and Spain.
The agreement will mean that the UK, along with other countries involved in the pilot, will be automatically provided with much greater levels of information about bank accounts held by their taxpayers in these jurisdictions. This includes names, addresses, dates of birth, account numbers, account balances and details of payments made into those accounts. This also includes information on certain accounts held by entities, such as trusts.
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