Economic Crime and Corporate Transparency Bill (Third sitting) Debate
Full Debate: Read Full DebateLiam Byrne
Main Page: Liam Byrne (Labour - Birmingham Hodge Hill and Solihull North)Department Debates - View all Liam Byrne's debates with the Home Office
(2 years ago)
Public Bill CommitteesCan we very quickly come to you, Mr Hames?
Duncan Hames: Helena is the expert on this particular subject.
Helena Wood: This is a welcome step forward. Others are going much further. The legislation that has been put forward in Singapore and Holland basically removes any barrier to information sharing by making it mandatory to share private-to-private in the context of the shared utilities that are being set up in those jurisdictions. Whether we should go down mandatory sharing is, as I have said, something that requires much further and longer public consultation. But we do need to look at that.
Q
Duncan Hames: It is a serious matter, and this Bill doesn’t. Although, as you say, we published that report very recently.
Q
Duncan Hames: Doesn’t. What I said earlier was that if you use an offshore entity to hold UK property, as a result of legislation MPs passed this year you now have to register on the register of overseas entities who the beneficial owner of that entity really is. We find out who really owns bits of Britain. But you can control a UK limited liability partnership through offshore entities, and we do not find that out. There is no way of checking the information.
We are presenting a respectable veneer behind an otherwise opaque offshore corporate network. If we could require the same level of declaration around the corporate partners of those limited liability partnerships, then we would lift some of that veil of secrecy. Then maybe we would not have a situation where rogue bankers in Baltic states were getting their clients to use UK limited liability partnerships to get around the compliance checks in their own organisations.
Q
Duncan Hames: Not yet. I hope you will be able to address that.