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.

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.