Overseas Territories Joint Ministerial Council

Lord Collins of Highbury Excerpts

Thursday 3rd December 2015 Lords Chamber

[Lord Collins of Highbury (Lab)]

My Lords, the latest issue of Private Eye reported that, in the tax year 2013-14, there were 11,000 property purchases in the UK using tax-haven companies. Confirming that this issue was discussed, the Minister said that we need to open up beneficial ownership so that criminal assets can be seized before they are moved out of the reach and jurisdiction of the UK Government. This morning, the Minister spoke only of an agreement to create central registries, and did not mention the words in the final communiqué about “similarly effective systems”. Has there been agreement from all overseas territories with financial centres to create central registries, or have some agreed only to “similarly effective systems”? If so, which ones?

[Baroness Anelay of St Johns]

My Lords, this is clearly a work in progress, and progress has been made. I have seen the flow chart showing where red and orange have gone to green, and progress has been achieved. The noble Lord asked about similarly effective systems. It may be that in some of the jurisdictions a centrally-held register is not seen as the best way forward. However, we have made clear that, in working in partnership with the overseas territories, it is important to have good governance and transparency. As my honourable friend said this morning, the discussions that have taken place over the past two days have been set out in the communiqué, and all the territories with financial services sectors agreed to hold beneficial-ownership information in their respective jurisdictions via central registers or similarly effective systems. We then said that we would give the highest priority to discussing how to take that forward, and I hope that we will then be in a better position to give the exact details that the noble Lord requests.