Asked by: Caroline Voaden (Liberal Democrat - South Devon)
Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what steps she is taking to help tackle tax evasion in the Overseas Territories.
Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)
The Economic Secretary to the Treasury and I met with leaders from the Overseas Territories at the Joint Ministerial Council last week, where issues around the financial sector were discussed.
All OTs with financial centres have committed to upholding international tax standards, including those on tax transparency and exchange of information, and Base Erosion and Profit Shifting.
We are working with OTs to support their development of accessible beneficial ownership registers, which will enhance transparency, deter the concealment of illicit gains and strengthen enforcement against tax evasion and non-compliance.