Asked by: Margaret Hodge (Labour - Barking)
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 adequacy of Montserrat's implementation of publicly accessible registers of company beneficial ownership in line with the Draft Order in Council prepared by the Secretary of State to comply with the requirement under section 51 of the Sanctions and Anti-Money Laundering Act 2018; whether that Territory has (a) introduced and (b) passed the legislation required for the creation of a publicly accessible register of company beneficial ownership; whether the register will be (i) open and (ii) free at point of access; and when the register will be (A) live and (B) operational.
Answered by David Rutley - Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)
The Government of Montserrat (GoM) has committed to introduce a publicly accessible register of beneficial ownership (PARBO).
Montserrat has recently completed consultations on a Bill; the Government expects to introduce this Bill to the House of Assembly in the current session. This Bill would enable the creation of a PARBO that would comply with the standards set out in a written ministerial statement (HCWS369) of 14 December 2020. How Montserrat seeks to recoup the costs of operating their PARBO will be a matter for the Territory Government.
GoM is assessing its timeline for implementation in light of ongoing constraints on capacity and expertise. The UK Government is providing technical assistance, most recently at the UK-OT Beneficial Ownership Transparency Technical Working Group on 10 October. We will confirm the timeline with Montserrat and other Overseas Territories at the Joint Ministerial Council scheduled for 14-15 November.
Asked by: Viscount Waverley (Crossbench - Excepted Hereditary)
Question to the Foreign, Commonwealth & Development Office:
To ask Her Majesty's Government whether any British Overseas Territory has made representations to them regarding new UK legislation; if so, which Territory; and on what subject.
Answered by Lord Ahmad of Wimbledon - Minister of State (Foreign, Commonwealth and Development Office)
Some Overseas Territories with financial centres, namely Anguilla, Bermuda, British Virgin Islands, Cayman Islands and Montserrat have expressed concern about new legislation on sanctions and anti-money laundering (the Sanctions and Anti-Money Laundering Act), which became law on 23 May 2018; in particular the requirement to establish a publicly accessible register of the beneficial ownership of companies registered in each government's jurisdiction.
Seperately, the aforementioned Territories and Gibraltar have made representations over the potential use of an Order in Council as specified in the Act, believing this to be constitutional overreach by the UK.
The Prime Minister held a conference call with leaders of affected Territories on 24 May to discuss the issue and a further discussion was held at the Joint Ministerial Council in June. Shortly after the passage of this legislation I visited Anguilla, the Cayman Islands and Montserrat, where I held discussions on this topic. Similarly, in late July I visited the British Virgin Islands and met with representatives of the financial services industry and government of BVI. The Government understands the strength of feeling on this issue and is committed to working collaboratively with affected Territories on implementation.
Asked by: Layla Moran (Liberal Democrat - Oxford West and Abingdon)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign and Commonwealth Affairs, pursuant to the Answer of 28 November 2017 to Question 115266 on companies: ownership, when (a) Ministers and (b) officials of his Department last held discussions with representatives of the Governments of (i) Anguilla, (ii) Turks and Caicos Islands and (iii) Montserrat on the establishment of a central register or similar arrangement; and what the outcome was of those discussions.
Answered by Alan Duncan
At the Joint Ministerial Council on 28-29 November, the Minister for the Overseas Territories (OTs), Lord Ahmad of Wimbledon, and leaders of the OTs welcomed progress made by those OTs with financial services centres in implementing the arrangements set out in the Exchange of Notes on exchange of beneficial ownership information. They committed, where not already achieved, to expedite work to ensure that the new systems were fully operational and populated.
Foreign and Commonwealth Office officials also recently discussed progress on the establishment of beneficial ownership systems with representatives of the Governments of Anguilla, the Turks and Caicos Islands (TCI) and Montserrat. We are finalising with the Government of Anguilla a Memorandum of Understanding on the terms for the provision of UK support for the establishment of their beneficial ownership system. TCI Representatives have confirmed that their Financial Services Commission is at the testing stage for its new central register.
Representatives of Montserrat have confirmed that a Bill requiring legal entities to hold beneficial ownership information and to submit it for inclusion in Montserrat's existing public central register will have its first reading in Montserrat's Legislative Assembly on 19 December 2017. The target date for the addition of beneficial ownership information to the existing register is 1 April 2018.
Asked by: Layla Moran (Liberal Democrat - Oxford West and Abingdon)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign and Commonwealth Affairs, pursuant to the Answer of 28 November 2017 to Question 115266 on companies: ownership, when he expects the Legislative Assembly of Montserrat to (a) introduce and (b) pass legislation to implement a central register of beneficial ownership.
Answered by Alan Duncan
A Bill requiring legal entities to hold beneficial ownership information and to submit it for inclusion in Montserrat's existing public central register will have its first reading in Montserrat's Legislative Assembly on 19 December. It will have its second and third reading at the next sitting of the Legislative Assembly, which is scheduled to sit on 23 January 2018. The Bill is expected to come into law after that date.
Asked by: Margaret Hodge (Labour - Barking)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign and Commonwealth Affairs, when he expects Montserrat’s public register of beneficial ownership to be published; and what support in publishing that register the Government is providing.
Answered by Alan Duncan
Montserrat committed in November 2015 to include beneficial ownership information in its existing public companies register. A Bill requiring legal entities to hold beneficial ownership information and to submit it for inclusion in the existing public central register will be introduced to Montserrat's Legislative Assembly later this month. The target date for the addition of beneficial ownership information to the existing register is 1 April 2018.
Asked by: Layla Moran (Liberal Democrat - Oxford West and Abingdon)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign and Commonwealth Affairs, pursuant to the Answer of 13 November 2017 to Question 111541, on companies: ownership what access the Government has to registers of beneficial ownership in each British Overseas Territory.
Answered by Alan Duncan
Central registers of beneficial ownership information or similarly effective arrangements are in place in Bermuda, British Virgin Islands, the Cayman Islands and Gibraltar.
Under bilateral arrangements concluded in 2016 with Overseas Territories with financial centres, UK law enforcement authorities have the automatic right of access to beneficial ownership information held on companies incorporated in those Territories within 24 hours or one hour in urgent cases.
Anguilla and the Turks and Caicos Islands have not yet established a central register or similarly effective arrangement. We continue to monitor progress and to offer support to both these Territories.
Montserrat has committed to establish a public central register and is expected to introduce new legislation to implement its central register shortly.
Asked by: Catherine West (Labour - Hornsey and Wood Green)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Government of Monserrat on the automatic exchange of beneficial ownership information with HM Revenue and Customs and UK Law enforcement agencies and setting up a public register of beneficial ownership.
Answered by Mel Stride - Secretary of State for Work and Pensions
Treasury Ministers have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:
http://www.hm-treasury.gov.uk/minister_hospitality.htm.
The UK Government works closely with the Overseas Territories and Crown Dependencies on transparency issues and officials have regular discussions with these jurisdictions.
All the Crown Dependencies and relevant Overseas Territories have committed to the development of a systematic exchange of beneficial ownership information. They have also committed to establish central registers, or similarly effective systems, to give UK law enforcement and tax authorities near real-time access to beneficial ownership information on corporate and legal entities incorporated in their jurisdictions. These arrangements came into effect on 30 June 2017. It remains the Government’s ambition for public registers to become the global standard. If this happens, we would expect the Overseas Territories and Crown Dependencies to follow suit.
Asked by: Catherine West (Labour - Hornsey and Wood Green)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign and Commonwealth Affairs, what discussions he has had with representatives of the Montserrat Government on a public register of beneficial ownership; and what the timetable is for that territory's public register of beneficial ownership to be set up.
Answered by Alan Duncan
The Foreign Secretary has not held discussions with the Government of Montserrat on its public register of beneficial ownership.
FCO officials remain in regular contact with the Government of Montserrat over its plans for the register. Montserrat officials are finalising for the consideration of the Montserrat Cabinet draft legislation which will underpin the establishment of a public register. It will then be for the Cabinet to determine the timetable for introducing the Bill to the Legislative Assembly.
Asked by: Andrew Rosindell (Conservative - Romford)
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what steps the Government is taking to promote trade between the UK and (a) Jamaica, (b) St Lucia and (c) Montserrat and Anguilla.
Answered by Mark Garnier
The Department for International Trade (DIT) offer a range of export services to UK firms. These include actively seeking out opportunities for UK firms in each market; conducting market research and leading market visits. In February 2016, there was a security & defence market visit to Jamaica. The Department are planning further events such as a UK food and beverage regional event in collaboration with the GREAT campaign for later this year. In St Lucia, DIT has worked to promote the interests of UK companies, particularly in the infrastructure sectors.
For Montserrat and Anguilla, we have reiterated our commitment to ensuring that the Territories reach their full potential as open, dynamic and sustainable economies, delivering growth, prosperity and employment for their citizens.
Asked by: Margaret Hodge (Labour - Barking)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign and Commonwealth Affairs, if he will ensure that any agreement on a central registry of beneficial ownership in Montserrat includes access for the public with legitimate reason.
Answered by James Duddridge
I refer the Right Honourable Lady to the answer given by my Hon Friend the member for Hertfordshire South West (David Gauke), the Financial Secretary to the Treasury on 16 October to questions 10437, 10438 and 10448, which sets out the criteria we expect the Overseas Territories to meet in relation to their central register of company beneficial ownership, or similarly effective system. We are in discussions with the Montserrat authorities on this and are offering technical assistance as they develop their proposals.