Global Human Rights Sanctions Regime

Baroness Ludford Excerpts

Wednesday 8th July 2020 Lords Chamber

[Lord Ahmad of Wimbledon]

My Lords, I suppose that I should declare an interest as having had a 20-year career in the City of London. I assure noble Lords that the City of London plays an important part in Britain globally, but the noble Lord is right to raise concerns about money being laundered through bank accounts. As my right honourable friend said, I assure him that part of the real sanctions that will be imposed are the asset freezes on those who commit these human rights abuses.

[Baroness Ludford (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 Territories only in 2023, as Vince Cable 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?

[Lord Ahmad of Wimbledon]

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.