A Foreign Office minister has flown to the British Virgin Islands (BVI) to hold urgent discussions on how sanctions against Russian oligarchs with cash stored in the secretive islands can be implemented, amid fears. UK tax havens may provide a loophole for those trying to escape the international clampdown.
Amanda Milling’s visit follows news that a succession of oligarchs appeared to have hidden their assets in trusts based in the BVI in a bid to put them beyond reach of UK sanctions. British sanctions laws apply in the overseas territories, and enforcement officers are supposed to have full access to registers of beneficial ownerships.
