Oral Answers to Questions

Debate between Paul Blomfield and Mark Simmonds

Tuesday 3rd December 2013 Commons Chamber

[Paul Blomfield (Sheffield Central) (Lab)]

T2. Following the Prime Minister’s recent announcement that the UK will establish a public registry of the beneficial ownership of companies, will the Foreign Secretary tell the House what the Government will be doing to ensure that the UK Crown dependencies and overseas territories also establish registries, and what action the Government will take if they fail to do so?

[The Parliamentary Under-Secretary of State for Foreign and Commonwealth Affairs (Mark Simmonds)]

The hon. Gentleman hopefully will be aware that last week we held the joint ministerial council in London, which all the overseas territories’ leaders attended. All those territories which have significant financial services sectors have responded very positively to the Prime Minister’s G8 agenda of trade, tax and transparency and all of them have committed not only to join multilateral exchange of tax information, but to consult on both having central registries of beneficial ownership and on making that information public.