(8 years, 8 months ago)
Lords ChamberMy Lords, clearly, there is progress to be made on that very point. My right honourable friend the Chancellor of the Exchequer wrote to the G20 members last week with regard to the G5 initiative on the automatic exchange of beneficial ownership information, exactly in line with what the noble Lord proposes. The initiative is still very new, but we are going to start discussion with the overseas territories and Crown dependencies shortly and I hope that our EU partners will take note.
Since it is an international conference and we are in the chair, will the UK Government be pressing the US to explain and to rectify the situation where the states of Delaware, Nevada and Wyoming allow no transparency of information on any subject, to the detriment of our overseas territories? Undoubtedly, if that continues, we will see a loss of business from our overseas territories to those three US states.
My Lords, we will be pressing all those who attend the conference to pursue greater transparency. We have made it clear that the global gold standard ought to be public, central registers of beneficial ownership. We will say that to our great friends and to those who are not perhaps such close friends but will be there and will, I hope, be our close friends by the end.
(8 years, 9 months ago)
Lords ChamberIn this case, too, the noble Baroness raises an important issue of ensuring that those who are abused—the children—have a voice but that those who are the abusers are also able to seek information and be persuaded that that is not the behaviour which they should perpetrate. I know that a number of overseas territories have expressed a desire to establish a private and confidential counselling service for vulnerable children and young people, along the ChildLine model that the noble Baroness explained. With regard to working with adults, we can do that work through our support to NGOs and CSOs and also through DfID, in the support that we give to promoting education about the way to change adults’ attitude towards social norms.
My Lords, is my noble friend aware that Her Majesty’s Government are to be congratulated on the relationship between the overseas territories and the relevant departments here in the UK? I speak from first-hand experience of the Cayman Islands, where I declare an interest—
(9 years ago)
Lords ChamberThe danger is that Russia’s action may well have strengthened Assad’s hand and makes it more difficult, perhaps, for Assad to see the benefit of a peace process. That is why I call on Russia to use its levers of influence with Assad to make sure that he takes the transition process seriously and comes to the table on the peace negotiations. I believe that the Syria crisis conference can go ahead even before that peace has been achieved. It can show the way that we can achieve stabilisation in Syria in the future.
Has my noble friend seen the report from the respected Carnegie Institute, which suggests that the southern front is the last key point for the Syrian rebels? As that front appears to be crumbling, does that not reinforce the point that somehow or other Assad has to be involved in the solution so that everyone can then concentrate on ISIS?
My noble friend points to the instability in the south of the country. This is really what was being referred to by the noble Lord, Lord Anderson, with regard to the fact that Russia has been involved in attacking civilians in opposition-held territory that is not Daesh. Assad is not part of the solution. It is certainly the case that he is a recruiting sergeant for Daesh. However, it is important that he sees the value for his regime to take part in the peace negotiations.
(9 years, 1 month ago)
Lords ChamberMy Lords, progress is being made on gaining access for the National Crime Agency to information that is held. It is important that we continue to do that work in co-operation with the overseas territories. We have been making progress, and I shall give some examples, which may help the noble Lord, Lord Collins, as well. Gibraltar will implement a central registry of company beneficial ownership in line with the EU fourth money laundering directive. Bermuda already has a central register. The British Virgin Islands have agreed to bring all beneficial ownership onshore, and the Cayman Islands are introducing a centralised platform. Montserrat will implement a central register with the information publicly available—though, I recognise, on the payment of a fee. Fruitful discussions have taken place on developing a timely, safe and secure information exchange process to increase our collective effectiveness for the purpose of law enforcement, in which, whatever our party or none, we all have an interest.
My Lords, in asking this question, I declare an interest as a member of my family works in the Cayman Islands. Is my noble friend aware of how welcome paragraphs 9, 12 and 16 are? Paragraph 12 states:
“It is not appropriate to refer to British Territories as ‘tax havens’”.
Furthermore, will she confirm in relation to paragraph 16 that “beneficial ownership information” is only,
“for the purpose of law enforcement”,
and nothing else?
My Lords, my noble friend is right to refer to the fact that the overseas territories involved in discussions about beneficial ownership are international financial centres, which is an appropriate way to describe them. My noble friend is right to point out that paragraph 16 refers to,
“technical dialogue between the Overseas Territories and UK law enforcement authorities on further developing a timely, safe and secure information exchange process to increase our collective effectiveness for the purposes of law enforcement”.