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Written question asked by Baroness Hodge of Barking (Labour) on Tuesday, 19 September 2023, in the House of Commons. It was due for an answer on Monday, 16 October 2023. It was answered by David Rutley (Conservative) on Monday, 23 October 2023 on behalf of the Foreign, Commonwealth and Development Office.

St Helena: Companies

Question

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment he has made of the adequacy of St Helena, Ascension and Tristan da Cunha's implementation of publicly accessible registers of company beneficial ownership in line with the Draft Order in Council prepared by the Secretary of State to comply with the requirement under section 51 of the Sanctions and Anti-Money Laundering Act 2018; whether the Territory has (a) introduced and (b) passed the legislation required for the creation of a publicly accessible register of company beneficial ownership; whether the register will be (i) open and (ii) free at point of access; and when the register will be (A) live and (B) operational.

Answer

The Government of St. Helena (SHG) has committed to introduce a publicly accessible register of beneficial ownership (PARBO).

SHG is preparing a draft Bill to enable the creation of a PARBO that would comply with the standards set out in a written ministerial statement (HCWS369) of 14 December 2020. How St. Helena seeks to recoup the costs of operating their PARBO will be a matter for the Territory Government.

SHG is assessing its timeline for implementation in light of ongoing constraints on capacity and expertise. The UK Government is providing technical assistance, most recently at the UK-OT Beneficial Ownership Transparency Technical Working Group on 10 October. We will confirm the timeline with St. Helena and other Overseas Territories at the Joint Ministerial Council scheduled for 14-15 November.

Secondary information

Type
Written question
Reference
200180
Session
2022-23
Related items
Subjects
Disclosure of information Companies Ownership Registration St Helena Ascension Island Tristan da Cunha
Legislation
Sanctions and Anti-money Laundering Act 2018
Link
View this Written question on www.parliament.uk