UK Parliament: Q&A On Public Registers
“I have been clear to OT leaders that full publicly accessible registers of beneficial ownership [PARBOs] are our ultimate expectation,” Minister of State Stephen Doughty said.
During the British Parliament’s session on November 14th, MP Phil Brickell asked the Secretary of State for Foreign, Commonwealth and Development Affairs, “pursuant to the Answer of 18 October 2024 to Question 8363, what minimum requirements his Department set out as being an expectation in any legitimate interest access regime for public registers of beneficial ownership in the Overseas Territories.”
In response, Minister of State Stephen Doughty said, “Tackling illicit finance in the UK, as well as in our Overseas Territories [OTs] and Crown Dependencies [CDs] is a priority for this Government. We consider publicly accessible registers of beneficial ownership [PARBOs] a vital tool for combatting financial secrecy. I have been clear to OT leaders that full PARBOs are our ultimate expectation.
“Where a legitimate interest access regime is implemented as an interim step, I have set out minimum requirements, and the UK’s belief that any legitimate interest registers should be delivered with the maximum degree of access and transparency. I was delighted Montserrat joined Gibraltar in launching a full PARBO on 11 October.
“We are continuing to engage with OTs, and I will discuss this with leaders at the Joint Ministerial Council next week. I am looking forward to further progress on this by other OTs in the very near future.”
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