UK Property Ownership: Overseas Jurisdictions Debate
Full Debate: Read Full DebateBaroness Falkner of Margravine
Main Page: Baroness Falkner of Margravine (Crossbench - Life peer)Department Debates - View all Baroness Falkner of Margravine's debates with the Department for Business, Energy and Industrial Strategy
(2 years, 10 months ago)
Lords ChamberAs 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.
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.
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.