Oral Answers to Questions

Debate between Desmond Swayne and Mark Field

Wednesday 4th May 2016 Commons Chamber

[Mr Swayne]

I pay tribute to the National Crime Agency, and the unit within it paid for by DFID, for tracing that international corruption. My right hon. Friend is right. Huge amounts of revenue are being denied to the poorest countries in the world, and we have to do something about that.

[Mark Field (Cities of London and Westminster) (Con)]

The questions asked by the hon. Ladies are entirely legitimate, and the Minister has replied well. The added liquidity that comes as a result of moneys coming in—often from parts of the developing world—to places such as the overseas territories and the Crown dependencies can lead to a range of project finance initiatives that benefit many people in the developing world. It is not as straightforward as suggesting that moneys in tax havens do not have a longer-term benefit, particularly in those parts of the world that the Department holds close to its heart.

[Mr Swayne]

My right hon. Friend is right. The common reporting standard is vital, together with the automatic exchange of taxpayer account information. Precisely because of that, we have a pilot running in Ghana to draw developing countries into that arrangement.