British business secretary Vince Cable has announced that he wants to see a public register of businesses’ true owners to improve transparency, combat tax evasion and reduce money-laundering.

Tax authorities could then use the register to identify UK corporate ownership structures that are being used to channel or hide illicit funds, what the secretary calls the “darker side of capitalism”.

“We will stop UK companies from using complex structures to hide information and keep consumers, investors and the public in the dark,” said Mr Cable.

Read the full story on Worldbox

BIIA Comment:  There is no need to create another bureaucracy.  Private sector credit information companies provide corporate linkage services which identify all corporate entities that are related.