Money Laundering

Baroness Wheatcroft Excerpts

Thursday 13th January 2022 Lords Chamber

[Lord Agnew of Oulton (Con)]

It is important to remind the House that the overseas territories are independent entities and that we cannot just force them to comply with our own regulations. But we have an ongoing dialogue with them. For example, we have a very useful exchange of information through the exchange of notes arrangements, and they have agreed to introduce publicly accessible registers of companies’ beneficial ownership. The discussions are very much ongoing and I respect the right reverend Prelate’s concern.

[Baroness Wheatcroft (CB)]

My Lords, at the anti-corruption summit in 2016, the Government committed to producing a register of overseas owners of British properties. In 2018, they produced a draft Bill on that which has still to become law. Could the Government say whether they are in fact committed to stopping this sort of overseas activity in the UK?

[Lord Agnew of Oulton (Con)]

My Lords, I can assure the House that we are absolutely committed to stopping that. I accept that the introduction of the Bill is taking too long, but active discussions are going on at the moment about a new economic crime Bill and I hope that we might see its introduction within the next few months.