Oral Answers to Questions

Sheila Gilmore Excerpts

Wednesday 23rd October 2013 Commons Chamber

[Justine Greening]

I know that my hon. Friend was involved in excellent work on business mentoring in Burundi over the summer, and last week I met the Institute of Chartered Accountants—of which I am a fellow—to discuss accounting and auditing standards in the developing world. I hope the UK’s excellent professional services will play a role in driving standards and skills in the developing world over the coming months and years.

[Sheila Gilmore (Edinburgh East) (Lab)]

T2. What progress has been made since the G8 in curbing illicit financial flows from developing countries by revealing more information about the beneficial ownership of companies?

[Justine Greening]

I am pleased the hon. Lady raises that issue. This country played a leading role in using the G8 to raise the issue of illicit flows, and ensure transparency alongside our efforts on tax and trade. The Department for Business, Innovation and Skills is now consulting on beneficial ownership, which the hon. Lady referred to, and that is a key route through which we can help developing countries ensure they get the tax takes they are due.