MPs set to expose ‘dirty money’ in fresh crackdown on overseas tax havens

Posted On: 
26th April 2018

MPs are pushing for a fresh crackdown on tax havens hiding 'dirty money'.

Tax havens will be targeted as part of a fresh Government crackdown on money laundering
PA Images

The Government could be forced to adopt new legislation to force overseas tax havens to reveal the identities of those stashing their assets away as a cabal of senior Tory’s back a move to crackdown on 'dirty-money'.

It is expected that Labour, the SNP and up-to 19 Tory rebels will back the tough new measures when anti-money laundering legislation comes to the Commons next week.

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It comes amid growing pressure on the Prime Minister to crackdown on Kremlin-linked oligarchs in the wake of the poisoning of former Russian spy Sergei Skripal in Salisbury last month.

According to campaigners, the secret nature of the arrangement allows cash to be laundered through off-shore havens before being used by oppressive regimes or organised criminal gangs.

According to The Times, senior Conservative MPs such as Nicky Morgan, Sarah Wollaston, Ken Clarke and Tom Tugendhat are ready to rebel against the Government to try and force Ministers in to adopting the tougher stance.

Former International Development Secretary Andrew Mitchell is leading the sizeable Tory rebellion which would be large enough to overturn the Government’s commons majority.  Last night he heaped pressure on Mrs May as he urged her to expose the “filthy money”.

“Mrs May has so far led the world in taking a stand against Russia’s challenge to international norms. But if she is to deliver on her promises she must ensure that filthy money fuelling the worst abuses isn’t sheltering under a British flag anywhere in the world.”

Tax havens in the British Virgin Islands and Cayman Islands have so far resisted pressure to release the information, but campaigners say that there is historic precedent, such as abolishing capital punishment, for the Government to force them to comply with the measures.