UK: New UK government sets sights on transparency with Crown Dependencies

The new Labour Government in the UK has made its first formal pronouncement about its approach towards tax justice and transparency with the Crown Dependencies and Overseas Territories.

Stephen Doughty, Minister at the Foreign, Commonwealth and Development Office, who has specific responsibilities for the Overseas Territories, responded to a question in Parliament from Liberal Democrat deputy leader Daisy Cooper, who asked what the minister would do to tackle money laundering and tax evasion in the Crown Dependencies and Overseas Territories, and specifically about a publicly-accessible register of company ownership.

‘Financial secrecy facilitates illicit finance, including money laundering, as well as tax and sanctions evasion.

‘It enables serious and organised crime, undermines our national security by supporting kleptocracies around the world, and it diverts resources needed for vital public services,’ Mr Doughty said.

‘Tackling illicit finance in the UK, as well as in our Overseas Territories and the Crown Dependencies, is a priority for the new government.

‘We will be working closely with the UK Overseas Territories and Crown Dependencies to increase transparency, including through publicly-accessible registers of company beneficial ownership.

‘We note the progress made in a number of jurisdictions, but will be looking to work with UKOTs and CDs to urgently accelerate progress in others.’

The written question was answered the day after Jersey was given a clean bill of health with its Moneyval assessment, and its record on beneficial ownership was praised in the report.