Beneficial Ownership Transparency Measures 2023-03-14
2023-03-14
TAGS
Response quality
Questions & Answers
Q1
Partial Answer
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Context
The question focuses on the lack of adoption of beneficial ownership transparency measures by G20 nations and offshore tax havens, prompting action to encourage wider implementation.
What diplomatic steps are being taken to encourage the adoption of beneficial ownership transparency measures by (a) G20 nations and (b) offshore tax havens and secrecy jurisdictions?
We are working with a range of jurisdictions, including G20 nations, and global financial centres to promote beneficial ownership transparency and to make it a global norm.
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Assessment & feedback
The answer does not specify concrete steps or commitments for G20 nations and offshore tax havens separately.
Response accuracy
Q2
Partial Answer
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Context
The supplementary question emphasizes the importance of open registers for reducing criminal activity and the commitment to ensure overseas territories adhere to their voluntary commitments.
My right hon. Friend has a superb personal track record on this issue. May I urge him to redouble his efforts? Does he accept that transparency about who owns what means that oligarchs, kleptocrats and crime lords have fewer places to stash their dirty cash; that it is the single cheapest and most effective measure that any country can take to cut the social and economic costs that international criminality imposes; and that it becomes ever more powerful as the network of truly transparent jurisdictions grows?
Open registers of beneficial ownership are extremely important. My hon. Friend and I, and indeed the right hon. Member for Barking (Dame Margaret Hodge), did a lot of work on that from the Back Benches, and it is now Government policy. All overseas territories and Crown dependencies are committed to open registers. All have made voluntary commitments, and the Government intend to make sure that they stand by those commitments.
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Assessment & feedback
The answer does not provide specific details on the effectiveness of open registers or concrete steps to ensure adherence to commitments.
Response accuracy