Written Question
Wednesday 25th March 2015
Asked by:
Lord Watson of Invergowrie (Labour - Life peer)
Question
to the HM Treasury:
To ask Her Majesty’s Government what representations they have made to the Overseas Territories and Crown Dependencies to introduce public registers of beneficial ownership of companies within their jurisdictions.
Answered by Lord Deighton
The Government is in continued dialogue with the Overseas Territories and the Crown Dependencies on the need to improve the transparency of company beneficial ownership information and we are keeping them informed as UK policy develops.
We believe that a central public register of company beneficial ownership is the best way to improve transparency of company ownership and meet the urgent challenges of illicit finance and tax evasion.
At the December Joint Ministerial Council the UK and Overseas Territory Leaders agreed to work together in raising international standards and to meet again to take forward implementation of the G20 Principles on beneficial ownership. Dialogue has continued with the Overseas Territories since the Joint Ministerial Council and we plan to meet again in the coming weeks.
The Crown Dependencies have also committed to issue consultations on establishing central registries or in Jersey’s case - where a private register already exists - to assess its effectiveness. The consultations in Jersey and the Isle of Man have closed and Guernsey’s consultation is due in the first quarter of 2015.
Written Question
Wednesday 25th March 2015
Asked by:
Lord Watson of Invergowrie (Labour - Life peer)
Question
to the HM Treasury:
To ask Her Majesty’s Government what discussions they have had, or intend to have, with other European Union member states with regard to registers of beneficial ownership of companies being made publicly available.
Answered by Lord Deighton
The Government fought hard and successfully for the implementation of central registers of company beneficial ownership information for all European Union Member States under the 4th EU Anti-Money Laundering Directive. All regulated businesses under the Directive, as well as people and organisations able to demonstrate ‘legitimate interest’ will also be granted access to this information.
Countries will be able to go further, as the UK is, and make their central registers publicly accessibly. We are working to encourage EU partners to match the UK’s ambition as Member States transpose the Directive into national law.
Speech in Lords Chamber - Wed 11 Mar 2015
Small Business, Enterprise and Employment Bill
"I welcome the Government’s acceptance of the amendment in the name of my noble friend Lady Thornton and their decision to take it slightly further by changing “may” to “must”. That is an improvement and it is to be welcomed as well. I am not quite sure that I would …..."Lord Watson of Invergowrie - View Speech
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Speech in Grand Committee - Mon 26 Jan 2015
Small Business, Enterprise and Employment Bill
"My Lords, I was certainly in accord with the noble Lord, Lord Stoneham, on his last remarks, but I find it rather strange that he should pray in aid of his argument that any fines should be affordable by the small businesses concerned. Small businesses have no need to incur …..."Lord Watson of Invergowrie - View Speech
View all Lord Watson of Invergowrie (Lab - Life peer) contributions to the debate on: Small Business, Enterprise and Employment Bill
Speech in Grand Committee - Mon 26 Jan 2015
Small Business, Enterprise and Employment Bill
"My Lords, I came along this afternoon intending to support my noble friend Lady Donaghy on this amendment and I shall attempt to do so, but I regret that so comprehensive has been her advocacy of it that it has left me with little to say. Perhaps I might stress …..."Lord Watson of Invergowrie - View Speech
View all Lord Watson of Invergowrie (Lab - Life peer) contributions to the debate on: Small Business, Enterprise and Employment Bill
Speech in Grand Committee - Thu 03 Apr 2014
EU: Money-laundering Directive
"My Lords, I am grateful for the opportunity to speak in the gap. I apologise for not having put my name down, but I was not sure I could be here this afternoon. The noble Lord, Lord Willoughby de Broke, alluded to the maxim of an Englishman’s home being his …..."Lord Watson of Invergowrie - View Speech
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Speech in Lords Chamber - Mon 09 Dec 2013
Financial Services (Banking Reform) Bill
"..."Lord Watson of Invergowrie - View Speech
View all Lord Watson of Invergowrie (Lab - Life peer) contributions to the debate on: Financial Services (Banking Reform) Bill
Speech in Lords Chamber - Mon 09 Dec 2013
Financial Services (Banking Reform) Bill
"My Lords, my noble friends Lord Brennan and Lord McFall have tabled amendments on the issue of anti-money-laundering at previous stages of the Bill. It is with some regret that we feel we have to return to the issue as it has not been dealt with to our satisfaction or …..."Lord Watson of Invergowrie - View Speech
View all Lord Watson of Invergowrie (Lab - Life peer) contributions to the debate on: Financial Services (Banking Reform) Bill
Speech in Lords Chamber - Mon 09 Dec 2013
Financial Services (Banking Reform) Bill
"My Lords, I thank the Minister for that clearly considered response and I note what he says. Certainly there is great value in having clearly on the record in Hansard that it will be very senior people who are required to be responsible. That is all to the good and …..."Lord Watson of Invergowrie - View Speech
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Speech in Lords Chamber - Tue 26 Nov 2013
Financial Services (Banking Reform) Bill
"My Lords, the noble Lord, Lord Selsdon, makes an interesting and important point about those people who are in the situation where they see this as a last resort for receiving credit. If any noble Lords were watching “Newsnight” yesterday evening, they would have seen a disturbing feature concerning Wonga; …..."Lord Watson of Invergowrie - View Speech
View all Lord Watson of Invergowrie (Lab - Life peer) contributions to the debate on: Financial Services (Banking Reform) Bill