British Overseas Territories: Ownership

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

Alert me about debates like this

Photo of Richard Holden Richard Holden Conservative, North West Durham

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, in the context of the conflict in Ukraine, whether the Government plans to encourage British Overseas Territories to speed up the introduction of publicly accessible registers of beneficial ownership.

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

The UK and the Overseas Territories stand united in condemning the Russian Government's egregious violation of international law and the UN Charter. The Overseas Territories released a joint statement in solidarity with the UK, which reaffirmed their commitment to continuing to uphold the highest international standards of transparency and accountability.

All Overseas Territories have committed to introduce publicly accessible registers of company beneficial ownership. These commitments exceed the standards set by the Financial Action Task Force on beneficial ownership transparency, and put them ahead of most jurisdictions. The UK Government expects the registers to be in place by the end of 2023.

The six Overseas Territories with global financial centres already share beneficial ownership information with UK law enforcement agencies under the exchange of notes arrangements.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.