UK Parliament: Q&A On ‘Transparency’ In OTs
“We will be working closely with the UK Overseas Territories and Crown Dependencies to increase transparency, including through publicly accessible registers of company beneficial ownership,” Minister of State Stephen Doughty said.
During a recent session in the UK Parliament, Liberal Democrat Daisy Cooper asked, “To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what steps he plans to take to help tackle [a] money laundering and [b] tax evasion in the Crown Dependencies and Overseas Territories [CDOTs], in the context of the number of CDOTs that have created a publicly accessible register of company ownership.”
In response, Minister of State Stephen Doughty said, “Financial secrecy facilitates illicit finance including money laundering as well as tax and sanctions evasion. It enables serious and organised crime, undermines our national security by supporting kleptocracies around the world, and it diverts resources needed for vital public services.
“Tackling illicit finance in the UK, as well as in our Overseas Territories and the Crown Dependencies, is a priority for the new Government.
“We will be working closely with the UK Overseas Territories and Crown Dependencies to increase transparency, including through publicly accessible registers of company beneficial ownership. We note the progress made in a number of jurisdictions, but will be looking to work with UKOTs and CDs to urgently accelerate progress in others.”
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