The British Parliament is set to vote next week on a bill that would provide for public disclosure of the names of beneficiaries of offshore companies in the British Virgin Islands and Cayman Islands, The Times reports . The adoption of the bill will make it possible to identify the owners of hidden assets in the British Overseas Territories from among the Russians, the newspaper writes.

The bill was initiated by Labour's representative in the House of Commons, Margaret Hodge. The document is supported by a coalition of Conservatives, Labor, the Scottish National Party and other opposition factions. Conservative Andrew Mitchell said the coalition had enough votes to pass the bill.

“Madam [Prime Minister Theresa] May has so far called on the world to speak out against Russia's violation of international norms. But if it is to deliver on its promise, it must ensure that the dirty money that funds the worst abuses is not sheltered under the British flag anywhere in the world,” Mitchell said.

Currently, overseas territories that are under British sovereignty but are not part of the country are exempt from the UK requirement to disclose the names of asset owners.

Former British Prime Minister David Cameron began reforming tax havens in 2013. Since then, London has been publishing a register of beneficiaries of assets hidden through shell companies in the country. Then the government was unable to extend the law to overseas territories, citing the inability to pass laws for other elected authorities.

The UK will reveal the names of Russians holding assets offshore