Oral Answers to Questions

Debate between Nigel Mills and Alan Duncan

Tuesday 22nd January 2019 Commons Chamber

[Nigel Mills (Amber Valley) (Con)]

8. What recent discussions the Government have had with authorities in the (a) overseas territories and (b) Crown dependencies on establishing public registers of the beneficial ownership of companies.

[The Minister for Europe and the Americas (Sir Alan Duncan)]

My noble Friend Lord Ahmad, the Minister responsible for the overseas territories, along with the Prime Minister’s anti-corruption champion, my hon. Friend the Member for Weston-super-Mare (John Penrose), discussed the Government’s approach to the Sanctions and Anti-Money Laundering Act 2018 with overseas territories leaders on 5 December. Government Ministers and officials routinely discuss with the Crown dependencies a range of matters relevant to them, including company registers of beneficial ownership.

[Nigel Mills]

Can my right hon. Friend confirm what date the Government will set in the Order in Council if the overseas territories do not move voluntarily on this issue, and will he confirm that the end of 2023 will be far too late, given that it would be five years after the House voted on it?

[Sir Alan Duncan]

As required by the 2018 Act, we will prepare draft legislation by the end of 2020. All the overseas territories are expected to have fully functioning public registers in place by the end of 2023, as my hon. Friend says, as part of the Government’s call for all countries to make such registers the global norm by that date. The plan is to make 2023 consistent for both.