Paradise Papers

Debate between Baroness Bloomfield of Hinton Waldrist and Lord Bates

Thursday 14th December 2017 Lords Chamber

[Lord Bates]

We certainly support the work that ECOFIN has undertaken in producing this report. We have been at the forefront of the whole process. We recognise the statements on, and identification of, those jurisdictions that are co-operative. That is an important point to stress: none of the Crown dependencies or overseas territories was listed as non-co-operative; they were all on the co-operative list. Areas in which the Council wants activity to take place have been identified, and we fully support that.

[Baroness Bloomfield of Hinton Waldrist (Con)]

My Lords, the disinformation generally surrounding this issue is just staggering, as is the conflation of illegal tax evasion, lawful tax avoidance and money laundering. Does my noble friend agree, particularly in light of his previous answer, that the new gold standard of proactive reporting and transparency in favour of tax authorities in respect of the capital and income of any legal person, trust or individual using its financial services industry, is in fact the Cayman Islands?

[Lord Bates]

The Cayman Islands has work to do, as have all jurisdictions to meet the standards that have been set down. However, it is true to say that with its centrally held register, the Cayman Islands at the moment is going above and beyond what is required by the Financial Action Task Force. We are absolutely resolute about making sure that all UK citizens pay all tax due by them, wherever it is held in the world. That is a very important commitment, and we intend to ensure that all jurisdictions hold to it.