Commons Sense

House of Commons · Ministers' Questions

Beneficial Ownership Transparency Measures

Tuesday 14 March 2023 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • Ministerial steps are being taken to encourage the adoption of beneficial ownership transparency measures by G20 nations and offshore tax havens.
  • The UK is collaborating with global financial centres to make beneficial ownership transparency a global norm.
  • The importance of open registers of beneficial ownership in reducing opportunities for oligarchs, kleptocrats, and crime lords to hide assets is acknowledged.

Topics (select to filter)

Questions & Answers

Q1 John Penrose Con
Foreign Affairs
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.

Question

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?

Answer from Andrew Mitchell

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.

Partly answered

Not addressed: The answer does not specify concrete steps or commitments for G20 nations and offshore tax havens separately.

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Q2 John Penrose Con
Standards & Ethics
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.

Question

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?

Answer from Andrew Mitchell

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.

Partly answered

Not addressed: The answer does not provide specific details on the effectiveness of open registers or concrete steps to ensure adherence to commitments.

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