Mark Durkan
Main Page: Mark Durkan (Social Democratic & Labour Party - Foyle)(10 years, 5 months ago)
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Catherine McKinnell
I thank the hon. Lady for that intervention. In fact, I was just coming to that point about what we can do on the issue of shell companies and beneficial ownership. I very much welcome—we all do—the steps that the Government have taken to date. Indeed, I personally called for those steps to be taken in my role as shadow Treasury Minister during the consideration of this year’s Finance Act. We have become the first country in the world to commit to developing a public register of beneficial ownership, but it is vital that we implement it effectively. Above all, it must achieve its fundamental purpose of identifying the individuals who benefit from and control a company.
Mark Durkan (Foyle) (SDLP)
Like my colleagues, I congratulate my hon. Friend on her success in securing this debate and on her work with the all-party group. As she says, the Government’s commitments in relation to making public the register of ownership are very important, but we have to be absolutely clear that the register will extend to trusts, because trusts in particular have been used to hide ownership, not least—as she said herself—in some of the overseas territories and Crown dependencies.
Catherine McKinnell
The hon. Gentleman makes an important point. The key is that this register of beneficial ownership cannot be used as a smokescreen to hide the identities of companies and the individuals who control them. It must be part of the solution to ensure that we have greater transparency, and it must have the effect that I know the Government want it to have.
It is important that beneficial owners are required to provide information such as a passport number or date of birth, so that the register provides a unique, verifiable identifier for every person listed. It is also important that the information goes through some means of verification by Companies House. For example, it could be cross-checked with other registers, such as those of the Driver and Vehicle Licensing Agency or the passport authority. Where company ownership is not direct, individuals should be asked to explain how they exercise control, and when control changes it should be noted within a reasonable time period. Lastly, it is important that the information is published in line with the principles outlined in the G8 open data charter, to which the UK is a signatory, and on a very practical note, it must be machine-readable and searchable, because the amount of information contained will be vast and it is of no use if it cannot be searched.