G20 Summit

Baroness Falkner of Margravine Excerpts

Monday 17th November 2014 Lords Chamber

[Baroness Falkner of Margravine (LD)]

My Lords, through my noble friend, the Prime Minister should be congratulated on the agreement on beneficial ownership transparency. She knows, however, that the World Bank believes that the United States and the United Kingdom are the two jurisdictions where most companies that hold proceeds of corruption incorporate. It is a little disappointing to see in the communiqué that, while countries are required to submit action plans, there is no time target for how long the approximately 90 of them that have signed up will take in terms of sharing information and achieving the action plans. Can my noble friend tell the House if there is any discussion about that?

[Baroness Stowell of Beeston]

On transparency overall we have made a huge breakthrough over the past few years, but my noble friend is right to express some frustration on beneficial ownership transparency. It is an area in which we would like to see greater progress. We have taken concrete action and are establishing this public central registry for company beneficial ownership information. We are working hard to ensure that others follow our lead, but I do not have any further details to offer at this time.