Offshore Funds

Treasury written question – answered on 30th October 2019.

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Photo of Tulip Siddiq Tulip Siddiq Labour, Hampstead and Kilburn

To ask the Chancellor of the Exchequer, how many bank accounts are held offshore by (a) central Government, (b) local government and (c) Government controlled companies.

Photo of Tulip Siddiq Tulip Siddiq Labour, Hampstead and Kilburn

To ask the Chancellor of the Exchequer, what work his Department (a) has undertaken in the last two years and (b) plans to undertake to strengthen the (i) rules on and (ii) transparency of the use of offshore banking by government.

Photo of Tulip Siddiq Tulip Siddiq Labour, Hampstead and Kilburn

To ask the Chancellor of the Exchequer, what (a) work and (b) reviews his Department has requested from the (i) Ministry of Defence, (ii) Department of Health and Social Care, (iii) Department for International Development and (iv) Foreign Office on the adequacy of controls on senior staff using offshore bank accounts.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

HM Treasury continues to monitor the value of funds held outside the Exchequer through regular disclosures made by government departments. These returns include funds held in offshore bank accounts.

Managing Public Money sets out that it is the responsibility of the organisation’s accounting officer, working with internal and external auditors, to ensure that the appropriate financial controls are in place and that the use of all banking services complies with relevant laws and regulations.

Information on the specific number of offshore bank accounts held by central Government, local government and Government-controlled companies is currently not available and could only be provided at a disproportionate cost.

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