In just under a fortnight, the economic and finance ministers of the EU are to meet in video conference. On the agenda will probably be a vote of the European Parliament on the 22nd January to screen British Overseas Territories for inclusion on the EU's blacklist of tax havens.
Prominent in the line of fire will be the British Virgin Islands, which the ICIJ describes as "one of the world’s most popular tax havens" which
attracts legitimate business corporations, celebrities, multimillionaires, and criminals alike. The island offers cheap and simple shell companies that allow their owners to avoid registering their names in public.
While owning and piping money through BVI companies is legal, shell companies created on the island are a regular feature in the world’s most notorious scandals. BVI companies appeared in a $2 billion scheme in the name of a close friend of Russian President Vladimir Putin and the “corruption pact” that last week saw Israeli tycoon, Beny Steinmetz, sentenced to jail.
Allegations of corruption have now become too strong for the authorities to ignore:
BVI Governor Augustus Jaspert announced a commission of inquiry to investigate allegations of corruption and the misuse of millions of dollars in public funds.
The inquiry will focus on a range of claims and alarming discoveries. In a Facebook video posted during his last week as governor, Jaspert referred to accusations he heard during his time in office from officials, journalists and members of the public, including one case in which $40 million earmarked for COVID-19 relief was allegedly siphoned to political allies. In another case under investigation, the BBC reported, cocaine worth almost $250 million was found in the home of a local policeman.
There is more on the ICIJ web pages.
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