Offshore Companies: Property

Lord Bellingham Excerpts

Tuesday 29th March 2022 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

My Lords, on the issue of Ukraine, as the noble Lord is aware, all the overseas territories are absolutely committed. With each sanction that is passed, it becomes incorporated into their jurisdictions. There are two where Orders in Council are required, and they have also initiated those processes. These sanctions apply immediately. In terms of the overseas territories themselves, we have discussed this before. The noble Lord will be aware that, with the OTs that have these registrations, the register is open to both tax authorities and law agencies. As I explained in my response to the noble Lord, Lord Wallace, the first unexplained wealth order was in conjunction and in partnership with the BVI.

[Lord Bellingham (Con)]

My Lords, the noble Lord, Lord Wallace, will recall the briefings that he and I received when we both worked in the Foreign Office about the excellent information and intelligence gathering between ourselves, the NCA, other authorities and the different authorities in the overseas territories. Does the Minister share my concern that, while it is incredibly important to keep this information flowing on an ad-hoc, confidential basis, if these registers become completely open, the companies will simply move to places such as Panama and Delaware?

[Lord Ahmad of Wimbledon (Con)]

My Lords, I believe the overseas territories have been very constructive on their engagement when it comes to registers, but I also recognise the point the noble Lord, Lord Collins, made, about the need for accessibility of registers. We believe we are working constructively and in partnership with the overseas territories in a responsible way, including those within the financial services sector who recognise the importance of consultation. That is exactly what the OTs are doing.