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Financial Transparency: Overseas Territories
05 November 2025
Lead MP
Phil Brickell
Bolton West
Lab
Responding Minister
Stephen Doughty
Tags
Economy
Word Count: 13708
Other Contributors: 12
At a Glance
Phil Brickell raised concerns about financial transparency: overseas territories in Westminster Hall. A government minister responded.
Key Requests to Government:
Phil Brickell calls for more transparency to support law enforcement in identifying real owners of businesses linked to overseas territories and stresses the need for stronger measures against financial secrecy.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
The debate addresses the impact of financial secrecy in UK overseas territories on domestic communities, citing specific instances such as the Panama Papers and Paradise Papers leaks. It highlights how low tax rates and lack of transparency attract criminal activities like money laundering and tax evasion, harming public services and economic growth.
Witney
Discusses the UK's responsibility towards its overseas territories and highlights the need for transparency regarding company ownership. Mentions that profit-shifting through UK territories accounts for nearly a quarter of all lost tax revenues globally, over £80 billion annually.
Jim Shannon
DUP
Strangford
Highlights the strain on public finance due to tax evasion and avoidance, particularly in Northern Ireland, impacting crucial sectors such as health, education, and infrastructure. Asked the Minister to ensure a concerted plan from Westminster for Scotland, Northern Ireland and Wales to hold individuals accountable across the UK.
Jo Platt
Lab/Co-op
Leigh and Atherton
The MP pays tribute to Phil Brickell for his work in combating fraud and corruption.
Joe Powell
Lab
Kensington and Bayswater
Supports Phil Brickell's call for more transparency, noting that accurate data on business ownership would aid law enforcement agencies in their work. Welcomed the Government's commitment to making London the anti-corruption capital of the world, noting progress in Gibraltar with an open register for financial investments.
Lloyd Hatton
Lab
South Dorset
Calls for greater transparency concerning lost tax offshore and presses HMRC to get a firmer grip on the scale of wealth stashed away offshore.
Marie Rimmer
Lab
St Helens South and Whiston
HMRC has yet to respond to findings that Roman Abramovich may owe HMRC up to £1 billion. The silence raises serious concerns about the Government’s willingness to act decisively against tax dodgers.
Phil Brickell
Lab
Bolton West
Highlighted the importance of transparency in financial services and expressed concern about illicit finance within British overseas territories.
Honiton and Sidmouth
One out of every two companies listed in the Panama papers was incorporated in the British Virgin Islands, highlighting the scale of corporate tax avoidance.
Andrew Mitchell
Lab
Somerton and Frome
As vice-chairman of the all-party parliamentary group, he expressed appreciation for the chairman's leadership and factual support in highlighting the need for beneficial ownership transparency. He also commented on his predecessor being put on the non-ministerial payroll. Emphasized the necessity for Britain to act via an Order in Council if overseas territories do not comply with security issues.
North Norfolk
The BVI, Cayman Islands and Bermuda represent British responsibility for corporate tax avoidance. Orders in Council should be used to force these territories to take action if necessary. Highlights how respectable UK financial institutions obtain beneficial ownership information during due diligence without any obligation to pass on the details to UK tax authorities.
Stephen Doughty
Lab
Cardiff South and Penarth
Acknowledged the legal and constitutional position but stressed the importance of working closely and cooperatively, emphasizing progress made over the past year and a half. Agreed with Jim Shannon's concerns and highlighted the impact of financial secrecy on public services, housing, and high streets, emphasizing the need for transparency principles.
Tom Hayes
Lab
Bournemouth East
Emphasised the impact of dirty money on housing crisis and high streets, highlighting 82 properties in Bournemouth East owned through secretive offshore entities.
Government Response
Stephen Doughty
The Minister of State, Foreign, Commonwealth and Development Office
Government Response
Acknowledged the cross-party support for tackling illicit finance and corruption, confirmed plans for an anti-corruption strategy to be presented before the end of the year, and emphasised the importance of transparency in financial services within British overseas territories. Stressed transparency as key to combating illicit finance, corruption, and kleptocracy. Highlighted the importance of collaborative efforts with overseas territories, including discussions on beneficial ownership registers and sanctions enforcement. Provided updates on progress made by overseas territories in implementing corporate transparency measures, highlighted the importance of continued engagement with these territories to address challenges, and reiterated the government's commitment to tackling corruption and illicit finance globally.
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Assessment & feedback
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About Westminster Hall Debates
Westminster Hall debates are a chance for MPs to raise important issues affecting their constituents and get a response from a government minister. Unlike Prime Minister's Questions, these debates are more in-depth and collaborative. The MP who secured the debate speaks first, other MPs can contribute, and a minister responds with the government's position.