British Overseas Territories Financial Transparency 2026-03-03
2026-03-03
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Questions & Answers
Q1
Partial Answer
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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.
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.
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.
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Assessment & feedback
The answerer did not provide specific timelines or details on the next steps beyond the reconvening of the council.
Response accuracy
Q2
Partial Answer
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Context
Transparency International uncovered 160 cases since 2022 of luxury yachts being transferred into or out of Russia registered to companies in British overseas territories, raising concerns about the shielding of evil regimes and tax dodgers.
Transparency International uncovered at least 160 cases since 2022 of luxury yachts being transferred into or out of Russia that were registered to companies in British overseas territories. While the brave Ukrainians are defending their country from a brutal invasion, Putin's cronies are joyriding their multimillion-pound yachts, enabled by the likes of the BVI. Does this sicken the Foreign Secretary and the Minister as much as it sickens me, and can the Minister tell certain overseas territories that we are fed up with their excuses and their shielding of evil regimes and tax dodgers, and that they must deliver transparency now?
I welcome the work of Transparency International and others in shedding light on these issues. Those are exactly the concerns that I have raised directly with overseas territories' Governments and have expressed in this place, and we will work to ensure rapid progress on these issues.
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Assessment & feedback
The answerer did not provide specific details on how rapid progress will be ensured or the concrete actions that will be taken.
Response accuracy