Question to the Home Office:

To ask the Secretary of State for the Home Department, what steps she is taking to ensure Crown Dependencies introduce public registers of beneficial ownership.

Tackling illicit finance in the Crown Dependencies and Overseas Territories, as well as the UK, is a priority for the UK Government. Publicly accessible beneficial ownership registers are a critical tool for tackling illicit finance. Access to accurate information on who ultimately controls a company is also vital for the enforcement of sanctions and for combating kleptocracy, tax evasion and corruption.

The Crown Dependencies are separate, self-governing jurisdictions responsible for their own domestic affairs, including financial services regulation. The Home Office continues to work closely with the Crown Dependencies on this agenda and welcomes their commitments for greater corporate transparency. The Crown Dependencies have committed to increase the transparency of their beneficial ownership registers and are working towards implementing access to those with legitimate interest, including media and civil society. I have written to the Crown Dependencies requesting that legitimate interest access should be delivered to a clear and reasonable timetable, with the maximum degree of access and transparency.

The UK Government is committed to tackling illicit finance and expects implementing legitimate interest access is an interim step to publicly accessible beneficial ownership registers and I look forward to meeting with the Crown Dependencies to discuss this agenda.