The government of UK has said that it is planning to make a database of company ownership details public that would be helpful in exposing international money laundering and tax evasion schemes.

The move is part of the Prime Minister David Cameron's efforts to bring the issue of money laundering and tax evasion on global focus following a discussion on the matter at the G8 summit in June. The UK government's beneficial ownership register not only lists current registration of corporations and shareholders but also untangles complex and opaque ownership structures to help evade taxes by using low tax nations.

The government is aiming to allow wider scrutiny on such firms and increase pressure on firms and individuals looking to hide their wealth and profits in order to avoid taxes. The decisionto make the database public was taken after consultation with businesses and pressure groups during the previous few months.

"For too long a small minority have hidden their business dealings behind a complicated web of shell companies - and this cloak of secrecy has fuelled all manners of questionable practice and downright illegality," Cameron is expected to say at a conference in London.