Examination of Witness

Part of Financial Services Bill – in a Public Bill Committee at 2:22 pm on 19th November 2020.

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Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury 2:22 pm, 19th November 2020

Q Good to see you, Duncan. You have offered a wide-ranging critique on general aspects of anti-money laundering and anti-corruption matters. You rightly draw attention to the FATF report, which was generally, in the international context, seen as a very favourable assessment of the UK. Department for Business, Energy and Industrial Strategy activities include the Companies House review, the registration of overseas entities work and the limited partnerships reform.

This Bill ensures that HMRC retains its ability to access information on the ownership and beneficiaries of UK-linked overseas trusts, building incrementally on things that have been done previously. Can you explain why this information is important? This is a key measure and, I would have thought, the most relevant.