The British Parliament plans to make overseas territories like the Cayman Islands open up company ownership registers to public scrutiny by 2020, in what Labour M.P. Margareth Hodge calls a “world changing measure in relation to the fight against corruption," per the Guardian.
Why it matters: The move has support both from Conservative and Labour officials, but has enraged the local government, which calls it “reminiscent of the worst injustices of a bygone era of colonial despotism”. The Cayman Islands is the most popular domicile for hedge funds, with close to 11,000 registered. Bermuda is also concerned about the move.