Paradise Papers

Lord West of Spithead Excerpts

Thursday 14th December 2017 Lords Chamber

[Lord Bates]

The question was about a public register. The UK is the first major economy to issue a public register of foreign-owned companies. We are leading in this; it was a landmark commitment given at the global Anti-Corruption Summit, which David Cameron initiated. So far, it is not required to make sure there is a public register in other jurisdictions. It has to be available to tax authorities and to security authorities in the case of counterterrorist finances. That is what is happening in those jurisdictions at present, but there is still more to do and we are far from complacent.

[Lord West of Spithead (Lab)]

My Lords, does the Minister think the problem might go away because we have responsibility for defence and security of our overseas territories but so few ships that we cannot do it? If we are unable to defend them, maybe they should no longer be British Overseas Territories.

[Lord Bates]

The overseas territories and the Crown dependencies are a very important part of the British family and will be a very important part of global Britain going forward. It is important that, as part of that family, everybody works together to ensure that people who have assets held overseas make sure that they report them in an accurate and timely way to the tax authorities of their countries.