Oral Answers to Questions

Debate between Mark Simmonds and Duncan Hames

Tuesday 21st January 2014 Commons Chamber

[Duncan Hames (Chippenham) (LD)]

8. What recent discussions he has had with representatives of the Governments of the Crown dependencies and overseas territories on establishing registers of company beneficial ownership.

[The Parliamentary Under-Secretary of State for Foreign and Commonwealth Affairs (Mark Simmonds)]

The Government are in ongoing dialogue with the Crown dependencies and overseas territories on the establishment of central registries of company beneficial ownership. I discussed the issue with territory leaders at the joint ministerial council last November, as did the Treasury Minister. We agreed to continue to work in partnership to tackle the global challenges of corporate secrecy.

[Duncan Hames]

Supporters of Christian Aid from St Andrew’s church in Chippenham who met me before Christmas will welcome the Government’s decision to publish a register of company beneficial ownership and the leadership they have shown on the matter, but given that so much money is leaving developing countries for our overseas territories, it is very important that similar transparency is shown there. If the consultations that are currently being launched by the Cayman Islands and the British Virgin Islands provide a further opportunity for the Government to present evidence to encourage them to publish a register, will he please take that opportunity in the hope that that might happen?

[Mr Speaker]

I am sure that the hon. Gentleman will get back to his normal form, having recovered from his splendid paternity leave.