UK Property Ownership: Overseas Jurisdictions

Baroness Falkner of Margravine Excerpts

Wednesday 13th October 2021 Lords Chamber

[Lord Callanan (Con)]

As I just said in the previous answer, we are absolutely not relaxed about this and we are determined to root out any financial chicanery and money laundering where possible. Investigations in which a UWO may assist are likely to be complex: application to a court for a UWO may take many months or years, but enforcement authorities continue to seek opportunities to utilise unexplained wealth orders in appropriate cases. These are difficult and complex matters.

[Baroness Falkner of Margravine (CB)]

My Lords, the noble Lord mentions the establishment of the register, which is long overdue. Will he tell the House what merit he finds in our continuing to support the existence of anonymous shell companies? As the Tax Justice Network has just said, nobody behaves better when they cannot be seen.

[Lord Callanan (Con)]

If the noble Baroness means shell companies in British Overseas Territories and others, they are also convinced of the need for transparency and we continue to press them to provide full ownership and transparency details on these companies.