Commons Sense

House of Commons · Written Ministerial Statement

Illicit Finance Dialogue with Overseas Territories and next steps on Beneficial Ownership Registers

22 July 2025 · Foreign, Commonwealth and Development Office

Proposed by Stephen Doughty Lab Co-op Cardiff South and Penarth

Foreign Affairs

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

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At a glance

Key points

  • Baroness Hodge will visit the British Virgin Islands to assess progress on beneficial ownership registers.
  • The next formal review of progress on corporate transparency is scheduled for November at the Joint Ministerial Council.
  • The Overseas Territories are encouraged to strengthen their enforcement frameworks, including by exploring civil monetary penalties for sanctions breaches.

Issue summary

The statement discusses progress made by UK Overseas Territories on corporate transparency and beneficial ownership registers, and outlines next steps for addressing illicit finance.

Action requested

Baroness Hodge will visit the British Virgin Islands to assess progress in implementing commitments on beneficial ownership registers and report back after the summer. The next formal review of progress is scheduled for November at the Joint Ministerial Council. I encourage the Overseas Territories to strengthen their enforcement frameworks, including by exploring civil monetary penalties for sanctions breaches.

Key facts

  • Statement provided an update on progress made by UK Overseas Territories in corporate transparency and beneficial ownership registers.
  • Virtual Illicit Finance Ministerial Dialogue was convened with elected leaders of the Overseas Territories on 15 July.
  • Baroness Hodge will visit British Virgin Islands to assess progress after summer.
  • Next formal review is scheduled for November at Joint Ministerial Council.
  • Cayman Islands appointed by FATF as guest members under Regional Bodies’ Guest Initiative.
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