Financial Transparency: Overseas Territories

Andrew Snowden Excerpts

Wednesday 5th November 2025 Westminster Hall

[Mr Andrew Snowden (Fylde) (Con)]

It is a pleasure to serve under your chairmanship, Mr Twigg. I thank the hon. Member for Bolton West (Phil Brickell) for securing this debate. Given that he represents the constituency I was born and raised in, I follow his contributions in Parliament more than he probably realises. His contribution today was as knowledgeable and constructive as everybody has come to expect.

I will comment on two points from his contribution. The first point is around the high street shops that we all see being used as a front for moving money, criminal gangs or hiding assets. When I was the Lancashire police and crime commissioner, that was a huge concern not only for the local communities, because of the damage it does to their high streets, but for the police in terms of being able to actually shut down different elements of organised crime gangs. The second point, which is linked to that, is the cryptocurrency element and finding out how the money—the cash—that has been generated in the UK by organised crime gangs disappears. I have sat in the room with the economic crime units of the Lancashire constabulary, looking at the cryptocurrency maps, and I could see where the dead ends suddenly appeared.

I also thank my right hon. Friend the Member for Sutton Coldfield (Sir Andrew Mitchell) for his long-standing work in this area and his articulation of how there has been a cross-party effort for a considerable time, particularly from the 2016 G8 onwards. It is always daunting to respond from the Dispatch Box with such an esteemed and experienced colleague sitting behind me.

We recognise that financial services are integral to the economies, employment and prosperity of many of our British overseas territories and Crown dependencies, as has been outlined today. The sector underpins livelihoods, sustains local public services and contributes significantly to overall trade within our shared British family, and we want to see it thrive.

From Gibraltar to Bermuda, those jurisdictions have been world-class financial centres. They attract investment, foster innovation and connect our economies to global markets. That success should be celebrated and, of course, accompanied by sound regulation and transparency to ensure that success can continue. Registers of beneficial ownership have been one of the most powerful tools in our fight against economic crime. They have enabled law enforcement here in the UK and in our overseas territories to track and expose those who seek to abuse our financial systems for criminal gain.

Following Russia’s invasion of Ukraine, those registers have been vital in tracing hidden assets, enforcing sanctions and going after dirty money, but there is clearly much more work to do on successfully and fully implementing them across all the overseas territories. Gibraltar already leads with a fully public register of beneficial ownership; the Cayman Islands and the Turks and Caicos Islands have now published legitimate interest registers; and others are due to follow in the next year or two. However, as has been recognised by my right hon. Friend and others, there is a significant delay.

The Sanctions and Anti-Money Laundering Act 2018, the Economic Crime (Transparency and Enforcement) Act 2022, the Economic Crime and Corporate Transparency Act 2023 and the new illicit finance campaign announced in 2024 all point to one shared goal—a clean, competitive and transparent financial system across the British family. There can be no place for dirty money, either at home or in British territories overseas.

The British family stand united against illicit finance. Together, we can ensure that our financial centres remain engines of good growth, rooted in trust and respected across the world. We want the financial services of our overseas territories and Crown dependencies not merely to survive but to flourish. However, they must be anchored in openness, accountability and the shared values that define our global reputation. I look forward to hearing the Minister answer the questions that have been posed by hon. Members, particularly on the Government’s approach to the countering illicit finance summit. At what point will the Government push harder for further measures?