Overseas Territories Joint Ministerial Council Debate
Full Debate: Read Full DebateLord Wallace of Saltaire
Main Page: Lord Wallace of Saltaire (Liberal Democrat - Life peer)Department Debates - View all Lord Wallace of Saltaire's debates with the Foreign, Commonwealth & Development Office
(8 years, 8 months ago)
Lords ChamberMy 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.
My Lords, a number of houses in Windsor, Maidenhead, Kensington and Chelsea and various other safe Conservative seats in or around London are empty, either permanently or for much of the year. I have heard the Conservative Benches talking about this scandal, so this is a matter of great interest to the Conservative Party as well as to others. We were told after the G8 summit that the Prime Minister intended to establish publicly accessible central registers for beneficial ownership of companies in overseas territories and elsewhere. We appear not yet to have achieved central registers, nor even that our law enforcement and security agencies will have access to such central registers. How slowly does the Minister expect further progress to be made, and when can we at least ensure that the security services and police will have access to central registers in what are British sovereign territories?
My Lords, progress is being made on gaining access for the National Crime Agency to information that is held. It is important that we continue to do that work in co-operation with the overseas territories. We have been making progress, and I shall give some examples, which may help the noble Lord, Lord Collins, as well. Gibraltar will implement a central registry of company beneficial ownership in line with the EU fourth money laundering directive. Bermuda already has a central register. The British Virgin Islands have agreed to bring all beneficial ownership onshore, and the Cayman Islands are introducing a centralised platform. Montserrat will implement a central register with the information publicly available—though, I recognise, on the payment of a fee. Fruitful discussions have taken place on developing a timely, safe and secure information exchange process to increase our collective effectiveness for the purpose of law enforcement, in which, whatever our party or none, we all have an interest.