Offshore Companies: Property

Lord Campbell of Pittenweem Excerpts

Tuesday 29th March 2022 Lords Chamber

[Lord Ahmad of Wimbledon (Con)]

My Lords, what was agreed with the overseas territories was that they would have public registers by the end of 2023. That is the timetable they are working with. However, in terms of immediate needs as, again, has been discussed regarding sanctions in response to Russia, we worked hand in glove with them to ensure that every sanction passed by your Lordships’ House and the other place—by Parliament—is immediately incorporated into our overseas territories.

There is no delay or dither on this; we are working practically and pragmatically with our overseas territories. As I said to the noble Lord, Lord Wallace, we are working both in partnership and overseeing as part of our offering of global Britain. It is an important partnership, and we respect their rights to legislate locally on key issues, but at the same time they need to be held to account where there are issues of corruption and criminality.

[Lord Campbell of Pittenweem (LD)]

My Lords, if the partnership is so productive, why is it taking five years to implement the responsibility contained in the statute of 2018? What does the Minister think the miscreants have been doing during the five years?