Stresses the importance of public registers of beneficial ownership to combat tax avoidance, tax evasion, and economic crime facilitated by secrecy jurisdictions. Calls for action from the government regarding overseas territories' non-compliance with legislation.

Supports the need for public registers of beneficial ownership to identify and scrutinise the owners of offshore shell companies, emphasising proper resourced enforcement.

Points out that people often hide things in trusts or offshore to avoid embarrassment or tax. Advocates for better practices and proper tax payment.

Shows support for the speaker's efforts, highlighting the importance of holding entities accountable and changing laws to address issues related to beneficial ownership.

Adds that people conceal their identities to avoid sanctions, including those placed by British Government, further emphasising the need for transparency.

Raises constitutional concerns about legislating for Crown dependencies, stating they are not under the jurisdiction of this Parliament.

Suggests exploring ways to ensure overseas territories' voices are heard when legislation in the House impacts them, stressing procedural aspects.

Questions if the 2022 ruling of the European Court on beneficial ownership information conflicts with unrestricted public access and life rights.

Acknowledges Margaret Hodge's persistent efforts, noting London as a major hub for such activities due to permissive government policies.

Argues that every citizen has a legitimate interest in closing loopholes allowing 'dirty money' into UK jurisdiction and highlights detrimental effects on ordinary people.

Supports the concept of a public register of beneficial ownership. Acknowledges Gibraltar's decision to establish such a register despite the closure of registers in 23 EU states post-European Court ruling. Highlights constitutional differences between Crown dependencies and overseas territories, advocating for respectful engagement rather than presumptuous legislation. Notes progress with the Crown dependencies through constructive relationships and mutual agreements.

Calls for public registers of beneficial ownership in UK’s offshore financial centres. Emphasises the case for transparency, citing Lord Cameron's earlier calls for higher standards but noting minimal progress thereafter. Criticises Government for delaying action and defeating amendments aimed at advancing this cause. Stresses that facilitating illicit finance through overseas territories threatens economic stability, national security, public services, property prices, crime, and overall citizen well-being. Points out staggering financial losses due to global tax evasion facilitated by lack of transparency.

The public register of beneficial ownership would play a vital role in combating tax evasion and unlawful activities. The Cayman Islands, for instance, have demonstrated progress in the fight against money laundering and tax evasion through various measures such as maintaining an electronic register of beneficial ownership information since 2017.

The UK, along with its Crown dependencies and overseas territories, is responsible for a significant portion of global tax loss. Public registers are needed to crack down on fraud, tax avoidance, and other economic crimes by enabling law enforcement to trace the true owners of offshore wealth and ensuring that taxes are paid.

It is a pleasure to follow the passion of my hon. Friend the Member for St Helens South and Whiston (Ms Rimmer). I have been on this journey with my right hon. Friend the Member for Barking (Dame Margaret Hodge) since I served on the Public Accounts Committee when she was chairing it—shockingly, it is now 10 years on from that. We began to deal with some of the domestic issues with companies that had international footprints—the large companies such as Starbucks, which we had before the Committee. Let us be clear what the impact of the lack of beneficial ownership registers is. Others have touched on security, but I wish to talk about the tax that is lost. We are in a cost of living crisis, there is a huge pressure on the Exchequer and we have an election looming, with each party that is likely to be in government wanting to make promises to the electorate. This money is being hidden away without people knowing where it is and that is definitely having an impact on the tax take; it is an absolute opportunity for tax avoidance and tax evasion, in particular, and it is key that we have this register.

Let me begin by sharing the disappointment of the right hon. Member for Barking (Dame Margaret Hodge) that this debate is necessary at all. It is incredibly disappointing that the target the UK Government had of ensuring that by December 2023—the month we are in—public registers were set up for the overseas territories and Crown dependencies looks set to be missed. Public registers of beneficial ownership are a vital tool in helping to identify and therefore reduce financial crime, and to increase financial transparency. The simple fact of knowing who owns what, who benefits from it, and where the moneys have flowed from and are flowing to all helps to identify and tackle crime of all sorts, including corruption, drug trafficking and people trafficking, as well as domestic and international tax evasion and tax avoidance.

I thank Mr Doughty for providing a cup of water, in the spirit of the Lib-Lab pact. [Intervention by Angela Eagle] Does the hon. Gentleman agree that ensuring we have open and transparent registers of beneficial ownership is only the first step in dealing with what is a very well established, very difficult and growing threat?

As shadow Minister for the overseas territories, Stephen Doughty reiterated Labour’s commitment to transparency and good governance in relation to financial services. He highlighted the importance of understanding building ownership structures and the public purse benefits from tackling these issues. He also stressed that being part of the British family comes with clear responsibilities including adherence to common values such as democracy, rule of law, liberty, human rights, and proper democratic accountability and regulation, which includes transparency in financial services. Doughty criticised Conservative delay on implementing beneficial ownership registers and questioned the Government’s progress towards meeting legal deadlines.

Nigel Evans urged the Minister to conclude his speech by approximately two minutes to 5, allowing Dame Margaret Hodge to sum up the debate. This was a procedural comment rather than a substantial contribution on the topic.

Illicit finance is an active and growing threat to the national security of the UK family. The UK overseas territories and Crown dependencies have a history of working together as partners to strengthen our economic defences against illicit finance. Publicly accessible registers of beneficial ownership are an essential tool in that fight. The UK implemented its own register in 2016, which was the first of its kind in the world. However, only Gibraltar currently has an operational register and there are only three weeks left until the end of 2023. In November last year, a Court of Justice of the European Union ruling found that an EU requirement to implement publicly accessible registers was contrary to the EU charter of fundamental rights but fourteen EU member states continue to allow public access to their beneficial ownership registers despite this ruling.

The legitimate public interest filter, as proposed by the Minister, stands or falls on how “legitimate public interest” is defined. Currently, it appears too narrowly defined which undermines the purpose of transparency.

The problem lies in that if any legitimate media could make an inquiry, any citizen with a real interest could go to the media and obtain information. This must be known when opting for a filter, suggesting its purpose is only to create legal barriers.

The debate has seen mostly agreement across the House which has been the basis for taking action over the years. Transparency is just one tool in fighting economic crime, corruption, and tax evasion and avoidance. Eye-watering sums of money are lost to the legitimate system through various means.