(LD): My Lords, I think the
whole House would agree that the best way to prevent corruption is
transparency, particularly of the various organisations that can be
enablers. On that point, could the Minister tell us what progress
has been made on public registers of beneficial owners in the
overseas territories and Crown dependencies—an area where the
Government have resisted many of the pressures introduced by this
House?
The Minister of State, Foreign and Commonwealth Office () (Con): I disagree
with the noble Baroness’s final point. The Government have
accepted the amendment that was made, and we are working closely
with the overseas territories. She will also be aware that we
have a very effective exchange of notes scheme already
operational with key overseas dependencies, which provide law
enforcement agencies and tax authorities with direct access. On
the specific issue of registers, I am sure that she has observed
very closely recent statements that have been made publicly, such
as those by the Turks and Caicos Islands and by the Cayman
Islands only yesterday, that they will be in line with the whole
issue of public registers, reflecting European Union priorities
and consistent with European priorities as will be required. The
noble Baroness will be further aware that we are working directly
with the OTs. We have technical groups set up to ensure public
registers will be operational by 2023.
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