Extract from Second reading debate (Lords) of the Dormant Assets Bill - May 26
Thursday, 27 May 2021 07:34
Lord Bellingham (Con):...The other point I would like the Minister
to examine is whether the Bill could be extended on a voluntary
basis to the Crown dependencies. Obviously you have the Isle of
Man, Jersey, Guernsey and all the major offshore banking centres.
It would perhaps be a step too far to take it to overseas
territories—places such as the Cayman Islands, the Turks and Caicos
Islands or Bermuda—but these competencies are devolved to the Crown
dependencies. On the other hand, by a...Request free trial
(Con):...The other point I would like the Minister to
examine is whether the Bill could be extended on a voluntary basis
to the Crown dependencies. Obviously you have the Isle of Man,
Jersey, Guernsey and all the major offshore banking centres. It
would perhaps be a step too far to take it to overseas
territories—places such as the Cayman Islands, the Turks and Caicos
Islands or Bermuda—but these competencies are
devolved to the Crown dependencies. On the other hand, by a
voluntary initiative, I would have thought there would be quite a
lot of appetite within them to enter a scheme that could benefit a
lot of more vulnerable people. It would be done on a completely
voluntary basis and would not in any way compromise their integrity
as banking centres. Maybe the Minister could take that away as well
and have a look at it in her closing remarks...
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