UK Property Ownership: Overseas Jurisdictions

Lord Bassam of Brighton Excerpts

Wednesday 13th October 2021 Lords Chamber

[Lord Callanan (Con)]

If the noble Baroness means shell companies in British Overseas Territories and others, they are also convinced of the need for transparency and we continue to press them to provide full ownership and transparency details on these companies.

[Lord Bassam of Brighton (Lab)]

My Lords, it is hard to take seriously the Government’s claim that they aim to lead the global fight against illicit finance, or the register that the Minister has referred to. The Government claim they have impressive controls, but it is now three years since their consultation ended on the draft registration of overseas entities Bill, so can the Minister tell the House what plans they have to tackle our high-risk score, stop money laundering and protect the UK against terrorist financing?

[Lord Callanan (Con)]

As I said, the Financial Action Task Force that we established got the best rating of any country assessed so far in the round of evaluations in countering money laundering. We are opposed to it and we will do all we can to fight it, as noble Lords will want us to do. We intend to legislate on the registration of beneficial ownership and will do so as soon as parliamentary time allows.