A UK minister says illicit finance in the UK and Crown Dependencies is a “priority” for the new Labour government, including pushing for a public register of beneficial ownership.
Stephen Doughty MP was quizzed on the government’s plans by deputy leader of the Lib Dems Daisy Cooper MP.
She asked what steps he plans to take to help tackle (a) money laundering and (b) tax evasion in the Crown Dependencies and Overseas Territories (CDOTs), in the context of the number of CDOTs that have created a publicly accessible register of company ownership.
Mr Doughty said that the government will seek to improve transparency in the UK, CDs and British Overseas Territories.
The Isle of Man, Jersey and Guernsey had previously committed to publicly open register before withdrawing it following a November 2022 European Court of Justice ruling.
The court found that making such information public excessively infringed on an individual’s right to respect for private life and to the protection of personal data.
Tackling illicit finance in the UK, as well as in our Overseas Territories and the Crown Dependencies, is a priority for the new Government.
Stephen Doughty
“We will be working closely with the UK Overseas Territories and Crown Dependencies to increase transparency, including through publicly accessible registers of company beneficial ownership.
“We note the progress made in a number of jurisdictions, but will be looking to work with UKOTs and CDs to urgently accelerate progress in others.”
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