UK territories ordered to open up about secretive companies

LONDON (Reuters) - Britain agreed on Tuesday to order its overseas territories such as the Cayman Islands and the British Virgin Islands to make secretive company ownership information public by the end of 2020 to try to tackle corruption and tax avoidance.

The move was hailed as a major victory by campaigners in the fight against tax avoidance and money laundering.

“This is the news we have been waiting for,” said Simon Kirkland, a campaigner at Christian Aid. “This is a major step forward in the fight against the tax avoidance, evasion and corruption that costs developing countries so dearly.”

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