Tax evaders, money launderers and corrupt political leaders all favor the British Caribbean tax havens of the Cayman Islands, and the British Virgin Islands, and it has become clear that the UK Foreign and Commonwealth Office will not step in, and impose Direct Rule, as was done with the Turks & Caicos, due to the enormous costs, and manpower, that such actions would require. Perhaps there's a more cost-effective, and efficient, alternative, that would cause the world's criminals to cease exploiting these offshore centers: give these two British Overseas Territories independence.
In truth and in fact, people with cash to hide are attracted to the BVI, and Cayman, due to the fact that these are British possessions, which connotes some semblance of stability and safety for their dirty money. Though this is largely illusory, as we have seen repeatedly, when legitimate foreign investors have lost their assets there through fraud, without obtaining any relief whatsoever from local or UK agencies, it is the major selling point, aside from bank and corporation secrecy.
Set the Caribbean tax havens of Cayman & the British Virgin Islands free, and watch how fast Chinese tax evaders abandon the BVI corporation, and how swiftly people with dirty money decline the BVI/Cayman "sandwich," of a BVI company holding a Cayman bank account. Removing the British territory pedigree will peel back an important attribute that attracts dirty money, and hopefully shut down the BVI shell company factory, for that reason.
Then, if these new countries still refuse to revoke their laws on the issuance of bearer shares, and their abject failure to require Source of Funds and Beneficial ownership, the US & Canada will be free to impose crippling sanctions, until they do. Presently, the nations of North America are powerless to reign in these tax havens, but with independence, major sanctions could be implemented.
So what about it, Foreign & Commonwealth Office? Will Britain finally do what has been sorely needed since the 1980s, take steps that will end the problem, once and for all, by granting the BVI and Cayman full independence ?