Panama Papers raises London anti-graft summit stakes

IN the wake of the Panama Papers revelations, UK Prime Minister David Cameron is doubling down on his preparations for hosting a potentially landmark anti-corruption summit next month in London. While the Panama disclosures in recent days are financial in nature, they have already had far-reaching political implications, including the resignation of the Icelandic prime minister, and Mr Cameron may now announce a number of significant new measures to increase global tax transparency at the international meeting.

While the Panama Papers episode was described by Russian President Vladimir Putin on April 14 as a US plot to destabilise his country and other key states, it is actually numerous UK territories that are seen by many as being at the heart of the affair. Hence, the reason why the London summit in May - which is being billed by the UK government as the first of its kind and will bring together world leaders, business and civil society - is assuming such increased international focus.

During the process of decolonisation, Britain held on to a global network of islands, which either voted to remain UK territories, or have not chosen independence. Among these are the present-day 14 overseas territories (Akrotiri and Dhekelia; Anguilla; Bermuda; British Antarctic Territory; British Indian Ocean Territory; British Virgin Islands; Cayman Islands; Falkland Islands; Gibraltar; Monserrat; Pitcairn Islands; Saint Helena, Ascension and Tristan da Cunha; South Georgia and Sandwich Islands; and the Turks and Caicos Islands) and three British dependencies (Isle of Man, and the Bailiwicks of Jersey and Guernsey).