PARLIAMENTARY WRITTEN QUESTION
British Overseas Territories: Companies (22 October 2024)

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, with reference to Section 51 of the Sanctions and Anti-Money Laundering Act 2018, what steps his Department has taken to help British Overseas Territories establish a publicly accessible register of the beneficial ownership of companies registered in their jurisdiction.

Asked by:
Anna Dixon (Labour)

The FCDO has funded an expert NGO, Open Ownership, to provide technical assistance to Overseas Territory governments to establish publicly accessible registers of beneficial ownership (PARBO). The UK Government has also provided legal drafting assistance to some OTs and funding to Montserrat for costs associated with implementing their publicly accessible register. I have written to all OT Leaders and Governors including in person meetings over the last few days with the Governments in Anguilla and BVI, setting out my expectations of urgent progress. I was delighted Montserrat launched their PARBO on 11 October.

Since 2023, the UK has held several technical workshops on beneficial ownership with Overseas Territories. The most recent on 31 October 2024, following discussions between officials at the 'UK-OT Illicit Finance Dialogue' held on 07-09 October.

I look forward to further discussions at the Joint Ministerial Council in late November, where this will feature on the agenda.

Answered by:
Stephen Doughty (Labour)
5 November 2024