Oral Answers to Questions

Debate between Nicholas Dakin and James Duddridge

Tuesday 23rd February 2016 Commons Chamber

[Nic Dakin (Scunthorpe) (Lab)]

11. By what date he expects to have set a timetable for overseas territories with financial centres to adopt central registers of beneficial ownership or similarly effective systems.

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

I had productive discussions at the Joint Ministerial Council with leaders of the overseas territories in December. We agreed progress on implementing central registers, and equally effective systems should be kept under continuous and close review. Discussions are still ongoing, but I want to see significant progress ahead of the anti-corruption summit that will be hosted by the Prime Minister in May.

[Nic Dakin]

Will the Minister confirm that the overseas territories and Crown dependencies will attend the summit? Will we do our part to make sure that we secure their commitment to clean up their act and make company owners public?

[James Duddridge]

Final invitations for the summit have not yet gone out, but discussions are very much ongoing. In fact, the director for overseas territories and the National Crime Agency are currently visiting the Cayman Islands and British Virgin Islands to thrash out some of the detail that is needed.