Money Laundering: British Overseas Territories

Home Office written question – answered at on 8 February 2024.

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Photo of Dan Jarvis Dan Jarvis Shadow Minister (Home Office) (Security)

To ask the Secretary of State for the Home Department, what steps officials in his Department are taking with their counterparts in the Foreign, Commonwealth and Development Office to tackle money laundering in British Overseas Territories.

Photo of Thomas Tugendhat Thomas Tugendhat Minister of State (Home Office) (Security)

Illicit finance is an active and growing threat to the UK family and can undermine our national security, prosperity, and democracy. As set out in the 2023 Economic Crime Plan 2 (ECP2), tackling economic crime is a high priority for the UK Government, including in the Overseas Territories (OTs).

ECP2 commits the UK Government to using our diplomatic and technical influence to further strengthen partnerships with other financial centres, particularly in the OTs. The Home Office, alongside other government departments such as HM Treasury and law enforcement partners, has supported the Foreign, Commonwealth & Development Office (FCDO) to strengthen our strategic dialogue and technical cooperation with the OTs on a range of economic crime threats such as countering sanctions evasion and money laundering.

The Home Office and FCDO also work together on supporting beneficial ownership transparency in the OTs. The Home Office will continue to support the FCDO on this important agenda.

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