British Overseas Territories: Companies

Foreign, Commonwealth and Development Office written question – answered on 1st June 2022.

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Photo of Richard Holden Richard Holden Conservative, North West Durham

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether her Department has had discussions with authorities in (a) Bermuda, (b) British Virgin Islands and (c) the Cayman Islands on the potential merits of increasing protections for British minority shareholders in companies incorporated in those jurisdictions.

Photo of Amanda Milling Amanda Milling Minister of State (Foreign, Commonwealth and Development Office)

The Overseas Territories are self-governing jurisdictions with their own democratically elected governments, who are responsible for their own financial services policy. The regulation of the financial services industries in the Overseas Territories are a matter for their elected governments. The FCDO has not discussed the issue of British minority shareholders with Bermuda, the British Virgin Islands or the Cayman Islands. The Overseas Territories cooperate with the UK on taxation, fighting financial crime and countering terrorist finance. They are committed to meeting international standards on illicit finance, tax transparency and anti-money laundering; including those set by the OECD and the Financial Action Task Force.

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