Financial Services: Crown Dependencies

Treasury written question – answered on 26th March 2009.

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Photo of Graham Brady Graham Brady Conservative, Altrincham and Sale West

To ask the Chancellor of the Exchequer pursuant to the Prime Minister's oral statement of 23 March 2009, Official Report, on Spring European Council, what assessment he has made of British (a) Crown dependencies' and (b) overseas territories' compliance with OECD standards on financial transparency and money laundering.

Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary (Economic and Business), Department for Business, Enterprise & Regulatory Reform, Economic Secretary (Economic and Business), HM Treasury

HM Treasury considers the standard of the money laundering systems in the Crown dependencies and Gibraltar to be equivalent to European Union standards, as embodied in the third money laundering directive. Discussions are under way with the other overseas territories with major financial services sectors to assess the standards that they have achieved.

In addition, the independent review into British offshore financial centres by Michael Foot is looking at the immediate and long-term challenges facing British offshore financial centres in the current economic climate, including financial supervision and transparency.

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