Question to the Foreign, Commonwealth & Development Office:

To ask Her Majesty's Government what steps they have taken towards the introduction of beneficial ownership in the British Overseas Territories and Crown Dependencies.

The Overseas Territories and the Crown Dependencies are self-governing jurisdictions with their own democratically elected governments, who are responsible for their own financial services policy. The Overseas Territories and Crown Dependencies already share beneficial ownership information with UK law enforcement and have committed to introduce publicly accessible registers of company beneficial ownership. The UK Government welcomes this action; it is an important step forward and a positive response to the changing UK, global norms on corporate transparency. These commitments exceed the standards set by the Financial Action Task Force on beneficial ownership transparency, and put them ahead of most jurisdictions. The Overseas Territories Governments are making good progress, and the Foreign, Commonwealth and Development Office is providing support with this, as required.