British Overseas Territories: Companies

Foreign and Commonwealth Office written question – answered on 30th July 2019.

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Photo of Lord Blencathra Lord Blencathra Chair, Delegated Powers and Regulatory Reform Committee

To ask Her Majesty's Government what assessment they have made of any loss of financial business to UK Overseas Territories if they are the only financial centres of excellence in the world which will have publicly accessible registers of beneficial ownership.

Photo of Lord Ahmad of Wimbledon Lord Ahmad of Wimbledon Minister of State

The UK has had a public register of company beneficial ownership since 2016 and the Government is spearheading an international campaign that seeks to make public registers the global norm by 2023, working with our international partners.

The Crown Dependencies recently committed to implement their own publicly accessible registers of company beneficial ownership in line with EU norms and Gibraltar has passed legislation which will allow it to introduce publically accessible registers.

The other Overseas Territory (OTs) Governments are working together, and with the UK Government, to ensure they remain in step with international standards on transparency. The Foreign and Commonwealth Office is working with the OTs to determine the potential financial impact of implementing publicly accessible registers of beneficial ownership.

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