Overseas Territories Joint Ministerial Council Debate
Full Debate: Read Full DebateDepartment: Foreign, Commonwealth & Development Office
Patrick Grady
Main Page: Patrick Grady (Scottish National Party - Glasgow North)Department Debates - View all Patrick Grady's debates with the Foreign, Commonwealth & Development Office
Overseas Territories Joint Ministerial Council
Patrick Grady Excerpts(8 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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James Duddridge
I know that my right hon. Friend follows these issues carefully. We have had a number of discussions about this very subject, including late last night after the Syria vote. Privacy is important, but it should not be used to disguise corrupt practices, international terrorist moneys or the avoidance of taxation. It is very much a balancing act. The UK is on the side of greater transparency. The Prime Minister has led that charge internationally and will do so over the next year, including at a big global conference on corruption early in the new year.
Patrick Grady (Glasgow North) (SNP)
The Minister and I were at the same Africa all-party group this morning, where the importance of domestic resource mobilisation for development was discussed. Of course, it is almost impossible for African Governments to mobilise domestic resource when multinational companies hide their profits through offshore tax havens.
How has the JMC paved the way for the anti-corruption summit that the UK Government will host next year? What discussions took place in preparation for that summit, and how many overseas territories are expected to attend it? Generally, how are we getting our own house in order and those of our overseas territories before we start demanding the same of others?
James Duddridge
The Prime Minister and the UK are leading the way, and we are ahead of the G20 standards. The issue is not the tardiness of the overseas territories, but our concern that they go beyond what is required by the G20. Effectively, there is an arbitrage problem, in that the business will carry on being done, be it corrupt business or the movement of terrorist moneys, but will simply be done in a different jurisdiction. We do not want to move corrupt moneys, corrupt practices and tax evasion and avoidance; we want to eliminate them and to do so everywhere. It is therefore important that all international partners move forward at the same pace. The UK has taken the lead and the overseas territories are increasingly stepping up to the mark and delivering.