Context
Progress has been made in some overseas territories on financial transparency, but others, such as the British Virgin Islands, have not made sufficient progress. The joint ministerial council in November agreed to provide technical-level support for this work.
Question
What steps she is taking to ensure greater financial transparency in the British overseas territories. St Helena, Montserrat and Gibraltar now have fully public registers of beneficial ownership, while the Cayman Islands and the Turks and Caicos Islands have implemented legitimate interest access registers. However, progress has not been quick or comprehensive enough in the British Virgin Islands.
Answer from Stephen Doughty
I welcome the progress that many overseas territories have made on financial transparency. St Helena, Montserrat and Gibraltar now have fully public registers of beneficial ownership, while the Cayman Islands and the Turks and Caicos Islands have implemented legitimate interest access registers. However, I have also been clear with those overseas territories where progress has not been quick or comprehensive enough, including the British Virgin Islands, and at the joint ministerial council in November, I pressed for further progress, and agreed to provide technical-level support for that work. We will reconvene later this month to assess the latest position, and we reserve the right to consider all options, if progress is not made.
Not addressed: The answerer did not provide specific timelines or details on the next steps beyond the reconvening of the council.
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