Asked by: Steff Aquarone (Liberal Democrat - North Norfolk)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, pursuant to the Answer of 13 March 2025 to Question 36916 on British Overseas Territories: Companies, what discussions he has had with the British Virgin Islands government on the reasons why it did not implement a register of beneficial ownership by the end of June 2025.
Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)
At the Joint Ministerial Council (JMC) in November 2024, the British Virgin Islands (BVI) committed to implement a register of beneficial ownership accessible to those with a legitimate interest offering the maximum possible degree of access and transparency, whilst containing the necessary safeguards to protect the right to privacy in line with its constitution, by June 2025.
Foreign, Commonwealth and Development Office officials have been in regular contact with the BVI to press for improvements to its register and to ensure that it meets its JMC commitment. The BVI published an updated policy on its register on 23 June. In my discussions with Premier Wheatley, I will continue to make clear the importance of further improvements in the BVI's proposal, as well as timely delivery of the register. My Written Ministerial Statement of 3 July provides further details of the next steps.
I have raised this issue on a number of occasions recently with the Premier both bilaterally and in the context of wider meetings with OT leaders. I look forward to meeting him again in person soon to raise this and other matters. Our expectations remain the same.
Asked by: Steff Aquarone (Liberal Democrat - North Norfolk)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what discussions he has had with the Chancellor of the Exchequer on increased tax receipts as a result of new registers of beneficial ownership in overseas territories and crown dependencies.
Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)
The Foreign, Commonwealth and Development Office, Home Office and Treasury officials coordinate regularly on work around advancing beneficial ownership transparency. We are clear on the benefits of accessible registers of beneficial ownership, which not only include tackling illicit finance and corruption, but also fighting tax and sanctions evasion.
At the Overseas Territories Joint Ministerial Council (JMC) in November 2024, the Falkland Islands and Saint Helena committed to join Montserrat and Gibraltar in implementing fully public registers by April 2025. The British Virgin Islands, Cayman Islands, Bermuda, Anguilla and Turks and Caicos Islands agreed to implement registers of beneficial ownership, accessible to those with a legitimate interest, by June 2025. It remains our expectation that the Overseas Territories and Crown Dependencies will ultimately implement fully public registers.
The Crown Dependencies have committed to increasing the transparency of their beneficial ownership registers and are working towards implementing access to those with legitimate interest, in line with the EU's 6th Anti-Money Laundering Directive.
I have and will continue to raise this directly with elected leaders across the Overseas Territories, and Home Office Ministers and officials will continue to engage with the Crown Dependencies. I regularly engage with Ministerial colleagues on matters related to the Overseas Territories, including in HM Treasury.
Asked by: Steff Aquarone (Liberal Democrat - North Norfolk)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what progress his Department has made on ensuring publicly accessible registers of beneficial ownership in all overseas territories.
Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)
At the Joint Ministerial Council (JMC) in November 2024, all Overseas Territories committed to implementing registers with the maximum possible degree of access and transparency. The Falkland Islands and Saint Helena committed to join Montserrat and Gibraltar in implementing fully public registers by April 2025. The British Virgin Islands (BVI), Cayman, Bermuda, Anguilla and Turks & Caicos Islands agreed to implement registers of beneficial ownership, accessible to those with a legitimate interest, by June 2025.
UK Officials are working proactively with Overseas Territories officials to ensure their proposals meet the agreements made at the JMC. I have and will continue to raise this directly with elected leaders, including in my meeting with Premier Wheatley of BVI, in his own capacity, and as President of the United Kingdom Overseas Territories Association (UKOTA) last week.