Bermuda today slammed a bid by a group of British MPs to enforce a public register of company ownership.

Around 80 MPs from a cross-section of UK political parties want an amendment to a British parliament criminal finances bill to include a stipulation that all UK Overseas Territories have a public register by 2020.

Michael Fahy, acting Minister of Finance, said: “The Government of Bermuda notes reports that a group of British MPs is seeking to press for Amendments to the Criminal Finances Bill, requiring British Overseas Territories to publicly disclose the beneficial ownership of enterprises which they host.”

But he added: “Bermuda notes that it has maintained a register of such information since 1947, to which all proper international tax, criminal, and regulatory authorities have access, while preserving proper respect for the privacy of individuals and corporations.

“This position is recognised by the UK government and the OECD as world-leading.”

Mr Fahy spoke out after back bench MPs including members of the Green Party, Liberal Democrats, the Welsh nationalist Plaid Cymru, the Scottish National Party, the Northern Irish Social Democratic & Labour Party, as well as Conservatives and Labour and the Northern Irish Unionist DUP members called for an addition to the law.

The proposal was tabled in the House of Commons on the last day of sitting before the Christmas break,

The amendment is to be tabled by Labour’s Dame Margaret Hodge, a former chairman of the public accounts committee, but it will need to gain approval from a majority of MPs to become part of the new Bill.

An article in The Guardian newspaper predicted the move could spark “angry reaction” from many Overseas Territories — and could even provoke a move towards independence by British possessions around the world.

The Guardian added that the amendment did not include UK Crown Dependencies, like Jersey, Guernsey and the Isle of Man.

The UK could implement the rarely used order in council method to impose laws directly on its Overseas Territories if they fail to co-operate.

Dame Margaret said: “Of course, political parties have shied away from using these powers. They can seem somewhat colonial.

“But I think there are overwhelming moral arguments at stake here.”

Earlier this year, some Overseas Territories refused to buckle under pressure from then-Prime Minister David Cameron to introduce registers and it is expected offshore jurisdictions like the British Virgin Islands, Turks & Caicos Islands and Anguilla will again dig in their heels.