Question to the HM Treasury:

To ask Her Majesty’s Government what representations they have made to the Overseas Territories and Crown Dependencies to introduce public registers of beneficial ownership of companies within their jurisdictions.

The Government is in continued dialogue with the Overseas Territories and the Crown Dependencies on the need to improve the transparency of company beneficial ownership information and we are keeping them informed as UK policy develops.

We believe that a central public register of company beneficial ownership is the best way to improve transparency of company ownership and meet the urgent challenges of illicit finance and tax evasion.

At the December Joint Ministerial Council the UK and Overseas Territory Leaders agreed to work together in raising international standards and to meet again to take forward implementation of the G20 Principles on beneficial ownership. Dialogue has continued with the Overseas Territories since the Joint Ministerial Council and we plan to meet again in the coming weeks.

The Crown Dependencies have also committed to issue consultations on establishing central registries or in Jersey’s case - where a private register already exists - to assess its effectiveness. The consultations in Jersey and the Isle of Man have closed and Guernsey’s consultation is due in the first quarter of 2015.