(LD) [V]: My Lords, I
join those highlighting the close link between those who abuse
human rights and those who are corrupt, so I was interested when
the Foreign Secretary mentioned that the Government were
considering how a corruption regime could be added to the armoury
of legal weapons that we have. But one key tool, long promised, is
to remove the ability to own property and businesses in this
country through firms registered in secretive tax havens. Do the
Government still intend to require public registers of beneficial
ownership in British overseas territoriesonly in
2023, as was told last year? Why is
there such a lax timetable and will a draft order still be ready
this December, as required under the 2018 sanctions Act?
The Minister of State, Foreign and Commonwealth Office and
Department for International Development () (Con): My Lords,
the noble Baroness raises the issue of beneficial and public
registers in our overseas territories. As I have said previously,
we have made commitments to ensure that our overseas
territories comply. The reason for the 2023 date was to
allow sufficient time for such public registers to be initiated,
because it adds a requirement on every single overseas
territory, some of which do not have the technical
ability to do so. However, I pay tribute to some of our OTs,
which have already co-operated fully with tax authorities and
legal authorities through the effective operation of the exchange
of notes.
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