Oral Answers to Questions

Helen Goodman Excerpts

Tuesday 22nd January 2019 Commons Chamber

[Sir Alan Duncan]

We will stick by the timing, but I think that a lot of work has already been done so that they could perhaps be in place before that date. I am confident that progress is being made as we would wish.

[Helen Goodman (Bishop Auckland) (Lab)]

Over and over again the Government have let the overseas territories off the hook. Now the Government are saying that the territories do not need to have public registers of beneficial ownership until 2023—at a cost, incidentally, of £50 billion to the British taxpayer. The law we passed last May required the Government to act in 2020. Does that not take the Government’s contempt for Parliament to a new low?

[Sir Alan Duncan]

No. I share the hon. Lady’s view that overseas territories with financial centres should meet international standards on tax transparency and anti-money laundering, but most overseas territories are either being evaluated or due to be evaluated by the financial action taskforce and are working to deliver their commitments made to the European Commission to prevent them from being included on the EU’s list of non-co-operative tax jurisdictions.