Oral Answers to Questions

Catherine West Excerpts

Tuesday 23rd February 2016 Commons Chamber

[James Duddridge]

There will be open registers available for law enforcement agencies to interrogate. There will not be publicly open registers. That is a long-term aspiration, but initially we want there to be access for law enforcement agencies. That will create greater transparency and reduce corruption and terrorist payments.

[Catherine West (Hornsey and Wood Green) (Lab)]

In April 2014, the Prime Minister said:

“I believe that beneficial ownership and public access to a central register is key to improving the transparency of company ownership and vital to meeting the urgent challenges of illicit finance and tax evasion.”

Nearly two years have passed and there still appears to be no timetable for transparency arrangements in respect of the financial centres. Why is that?

[James Duddridge]

There has been much progress, which the hon. Lady dismisses too readily. There are checkpoints. Only last week, I spoke to overseas territory leaders. There are people out there at the moment and we hope to crystallise some of the improvements before the May summit on corruption. That summit was called by the Prime Minister and will be held here in London, which demonstrates the British Government’s commitment to this important issue.

[Catherine West]

Will the Minister tell the House the exact date by which he expects overseas territory financial centres to ensure that there are proper transparency arrangements, or will we continue to hear more excuses for inaction in the years to come?

[James Duddridge]

This is a matter of direction, rather than an ultimate destination. We will constantly ask the international community to do more to create greater transparency, but it is crucial that the international community, whether it is the Crown dependencies, the overseas territories or other overseas Governments, move together on this, because we want to eliminate the problem of corrupt and untransparent moneys, rather than shift it from territory to territory.