Asked by: Priti Patel (Conservative - Witham)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, how much funding his Department plans to provide to each of the Overseas Territories in each of the next five years.
Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)
The Foreign, Commonwealth and Development Office (FCDO) recently received its Spending Review (SR) settlement from the Treasury for the three years of the SR period (FY26/27 to FY28/29). Final decisions on funding for the Overseas Territories (OTs) in each of these years is subject to the FCDO's post-SR settlement multi-year internal allocations process which is expected to conclude later this year.
In the current financial year (25/26) the FCDO is providing up to £168.37 million of programme funding to the OTs:
Asked by: Lord Sikka (Labour - Life peer)
Question to the Foreign, Commonwealth & Development Office:
To ask His Majesty's Government what steps they are taking to ensure all UK Overseas Territories approve laws allowing access to company ownership data to those with a legitimate interest, as they committed to do by April 2025.
Answered by Baroness Chapman of Darlington - Minister of State (Development)
At the Overseas Territories Joint Ministerial Council (JMC) in November 2024, the Falkland Islands and Saint Helena committed to implement fully public registers by April 2025. The British Virgin Islands (BVI), 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, such as those that are already in place in Gibraltar and Montserrat.
Every Territory is making progress towards these commitments and Foreign, Commonwealth and Development Office officials are in regular contact with counterparts in the Overseas Territories on their proposals for registers to ensure they meet the agreement made at JMC. The Cayman Islands has introduced an accessible beneficial ownership register. Officials are working together to ensure that this system offers the best possible level of transparency and accessibility.
The Minister of State, Stephen Doughty MP continues to raise this directly with elected leaders across the Overseas Territories including a recent conference call with all leaders and representatives - and has recently spoken to and written to the Premiers of a number of territories individually on this issue, and offered further assistance to the small number who remain off track from meeting their commitments.
Asked by: Scott Arthur (Labour - Edinburgh South West)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment he has made of the progress made on the introduction of a publicly accessible register on beneficial ownership of businesses registered in their jurisdiction by each British Overseas Territory.
Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)
At the Overseas Territories Joint Ministerial Council (JMC) in November 2024, the Falkland Islands and Saint Helena committed to implement fully public registers by April 2025. The British Virgin Islands (BVI), 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 as those that are already in place in Gibraltar and Montserrat.
I discussed progress on beneficial ownership transparency with Premier Wheatley (BVI) last month. A Foreign, Commonwealth and Development Office (FCDO) senior official visited BVI earlier this month and met with government and the finance industry. Every Territory is making progress towards the JMC commitments and FCDO officials are in regular contact with counterparts in the Overseas Territories on their proposals for registers to ensure they meet the agreement made at the JMC. I have and will continue to raise this directly with elected leaders across the Overseas Territories.
The Government is keeping this under close review and will carefully consider what further steps to take if the registers are not delivered as per JMC agreements.
Asked by: Scott Arthur (Labour - Edinburgh South West)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what recent discussions he has had with his counterparts in (a) the British Virgin Islands and (b) the Cayman Islands on the introduction of public registers of beneficial ownership.
Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)
At the Overseas Territories Joint Ministerial Council (JMC) in November 2024, the Falkland Islands and Saint Helena committed to implement fully public registers by April 2025. The British Virgin Islands (BVI), 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 as those that are already in place in Gibraltar and Montserrat.
I discussed progress on beneficial ownership transparency with Premier Wheatley (BVI) last month. A Foreign, Commonwealth and Development Office (FCDO) senior official visited BVI earlier this month and met with government and the finance industry. Every Territory is making progress towards the JMC commitments and FCDO officials are in regular contact with counterparts in the Overseas Territories on their proposals for registers to ensure they meet the agreement made at the JMC. I have and will continue to raise this directly with elected leaders across the Overseas Territories.
The Government is keeping this under close review and will carefully consider what further steps to take if the registers are not delivered as per JMC agreements.
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 HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the amount of tax income which could be generated by new registers of beneficial ownership in overseas territories and crown dependencies.
Answered by James Murray - Exchequer Secretary (HM Treasury)
We are clear on the benefits of beneficial ownership registers, 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.
HMRC draws on a variety of data sources to tackle offshore non-compliance, including exchange of information under double taxation agreements and Tax Information Exchange Agreements.
Asked by: Christine Jardine (Liberal Democrat - Edinburgh West)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, with reference to the meeting of the UK and Overseas Territories Joint Ministerial Council between 19 and 21 November 2024, what progress has been made on the implementation of public registers of beneficial ownership in the Overseas Territories.
Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)
Work is ongoing to improve beneficial ownership transparency in the Overseas Territories. At the 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 (BVI), 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.
Every Territory is making progress towards these commitments and FCDO officials are in regular contact with counterparts in the Overseas Territories on their proposals for registers to ensure they meet the agreement made at JMC. I have and will continue to raise this directly with elected leaders across the Overseas Territories. I have recently spoken with the Premiers of BVI and Bermuda on this issue.
Asked by: Kate Osborne (Labour - Jarrow and Gateshead East)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment he has made of the levels of compliance by overseas territories on providing public registers of beneficial ownership.
Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)
At the 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, with the necessary safeguards to protect the right to privacy in line with respective constitutions.
Every Territory is making progress towards these commitments and FCDO officials are in regular contact with counterparts in the Overseas Territories on their proposals for registers to ensure they meet JMC agreements. I have and will continue to raise this directly with elected leaders across the Overseas Territories, and have discussed with the leaders of a number of OTs including Bermuda and the British Virgin Islands in recent weeks.
Asked by: Kate Osborne (Labour - Jarrow and Gateshead East)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what steps he plans to take to ensure that Overseas Territories adopt open and public registers of beneficial ownership.
Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)
Work is ongoing to improve beneficial ownership transparency in the Overseas Territories. At the 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.
Every Territory is making progress towards these commitments and FCDO officials are in regular contact with counterparts in the Overseas Territories on their proposals for registers to ensure they meet the agreement made at JMC. I have and will continue to raise this directly with elected leaders across the Overseas Territories, and have discussed with the leaders of a number of OTs including Bermuda and the British Virgin Islands in recent weeks.
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.