UK Continuing To Collaborate with Overseas Territories To Establish Publicly Accessible Registers

Labour MP Raises Questions in Parliament Regarding Compliance with Sanctions and Anti-Money Laundering Act

The Parliamentary Under-Secretary for HM Treasury and the Foreign, Commonwealth, and Development Office David Rutley has informed the United Kingdom Parliament that the government is working with Overseas Territories to establish publicly accessible registers in line with the Sanctions and Anti-Money Laundering Act.

“We continue to keep the Order in Council under review and continue to work with the Governments of the Overseas Territories to implement publicly accessible registers of beneficial ownership,” the Assistant Whip told Parliament on November 17, in response to a query from Labour Parliamentarian Margaret Hodge.

Hodge’s inquiry was aimed at the Secretary of State for Foreign, Commonwealth, and Development Affairs, seeking details on the adherence of the UK’s overseas territories to the Sanctions and Anti-Money Laundering Act of 2018.

It was centred on whether the Secretary of State intended to reassess the decision not to lay the Order in Council, a document crafted to fulfill the requirements stipulated in section 51 of the Sanctions and Anti-Money Laundering Act 2018. This legislative provision plays a crucial role in combating illicit financial activities and promoting transparency in the United Kingdom’s financial landscape.

Rutley’s response indicates that the UK government is actively working with Overseas Territories, including the British Virgin Islands, whose economies heavily rely on the financial services sector.

The UK government has publicly declared its commitment to addressing concerns regarding financial transparency and combating money laundering. There is ongoing scrutiny of the Order in Council, a government-used legal tool, to assess its potential impact on establishing publicly accessible registers of beneficial ownership.

The registers will list the true owners of companies and assets, contributing to the global fight against corruption and illicit financial activities.

Legislators in the British Virgin Islands are closely observing the progress of the Order review