How Offshore Tax Havens Are Thwarting the UK’s Transparency Push The UK government's efforts to increase corporate transparency in its overseas territories have been slow to materialize.
The introduction of Legitimate Interest Access Registers (LIARs) in jurisdictions like the Cayman Islands and British Virgin Islands is meant to shed light on company ownership, but the system has several flaws.
To access LIARs, individuals must demonstrate a legitimate interest in the information they seek. This can be a daunting task, as the definition of "legitimate interest" is vague and open to interpretation.