Beneficial Ownership Registers: Overseas Territories and Crown Dependencies

Meg Hillier Excerpts

Thursday 7th December 2023 Commons Chamber

[Dame Meg Hillier (Hackney South and Shoreditch) (Lab/Co-op)]

It is a pleasure to follow the passion of my hon. Friend the Member for St Helens South and Whiston (Ms Rimmer). I have been on this journey with my right hon. Friend the Member for Barking (Dame Margaret Hodge) since I served on the Public Accounts Committee when she was chairing it—shockingly, it is now 10 years on from that. We began to deal with some of the domestic issues with companies that had international footprints—the large companies such as Starbucks, which we had before the Committee. I remember that rollercoaster ride and my right hon. Friend should be congratulated on that work.

Let us be clear what the impact of the lack of beneficial ownership registers is. Others have touched on security, but I wish to talk about the tax that is lost. We are in a cost of living crisis, there is a huge pressure on the Exchequer and we have an election looming, with each party that is likely to be in government wanting to make promises to the electorate. This money is being hidden away without people knowing where it is and that is definitely having an impact on the tax take; it is an absolute opportunity for tax avoidance and tax evasion, in particular, and it is key that we have this register. In my constituency, a lot of properties are owned by offshore companies, some of them in the overseas territories, and it is impossible for the residents of those buildings to know who their landlord truly is; they face an address with no name attached, and no responses come from those landlords. It is against natural justice for people who have their homes owned by others as finance vehicles not to be able to have access to them.

We need to make sure that this issue is dealt with, because if we do not deal with the issues of money laundering and economic crime across the piece, and we deal with them only domestically, without a strategy for the overseas territories and Crown dependencies, there is a risk that the problem will simply move, rather than be resolved. People with money and advice about where to hide it, if they are minded to hide it, will find ways to do that where those ways exist. This loophole needs to be closed and we have a prime opportunity, with the Foreign Secretary, the very person who, as Prime Minister, was backing that a decade ago, now sitting in the House of Lords and at the Cabinet table. He could be driving this, so I urge the Minister to speak up for his new boss. I hope that the Minister has been given the go-ahead to give us some comfort today that this issue will finally be revolved. There are only a few weeks until the end of the year, and I hope he can give us some comfort on the timeline.

[Mr Deputy Speaker (Mr Nigel Evans)]

Thank you for your co-operation. For the first wind-up, I call Richard Thomson.