Overseas territories' beneficial-ownership registers closed to public scrutiny

Instead of the fully public registers the UK committed to under the Sanctions and Anti-Money Laundering Act 2018 agenda, the overseas territories have implemented 'legitimate interest access' regimes: the BVI's became operational on 1 April 2026 with narrow qualifying purposes; the Cayman Islands charges CI$250 per access and its Premier has publicly refused a 'Google-style' open register; Anguilla and Bermuda are following the same model. The UK restated its objective of fully public registers at the 13th Joint Ministerial Council but has declined to use Order-in-Council powers. Transparency International UK's monitoring finds the LIA regimes restrictive in practice for journalists and civil society.

Roughly half the shell companies exposed in major leaks route through UK overseas territories. While their registers stay closed, Companies House reform simply displaces illicit structuring offshore under the British flag, undermining the UK's claim to lead on illicit finance ahead of its own 2026 summit.

A firm statutory deadline for public registers with Order-in-Council backstop, or legislated minimum access standards (free access for journalists and CSOs, no tipping-off of subjects, no purpose-test gatekeeping), plus a funded independent audit of how LIA regimes perform in practice.

// State-led: Instrument: statutory deadline with Order-in-Council backstop, or legislated minimum access standards for the registers.

Half of leak-exposed shells route through territories whose registers stay closed; Order-in-Council powers exist, the UK's own 2026 summit is imminent, yet nobody forces disclosure.