Parliamentary Search

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.

Turks and Caicos Islands: Companies

Question

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment he has made of the adequacy of the Turks and Caicos Islands' 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 the Turks and Caicos Islands (TCIG) already shares confidential information on company beneficial ownership with UK law enforcement under the Exchange of Notes Arrangements. It has also committed to introduce a publicly accessible register of beneficial ownership (PARBO).

TCIG is identifying the necessary modifications to its legislative regime 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 TCI seeks to recoup the costs of operating their PARBO will be a matter for the Territory Government.

TCIG is assessing its timeline for implementation in light of the November 2022 Court of Justice of the European Union judgment. The UK Government is engaging TCIG on the issues raised by this judgment and providing technical assistance, most recently at the UK-OT Beneficial Ownership Transparency Technical Working Group on 10 October. We will confirm the timeline with the Turks and Caicos Islands and other Overseas Territories at the Joint Ministerial Council scheduled for 14-15 November.

Secondary information

Type
Written question
Reference
200183
Session
2022-23
Related items
Subjects
Disclosure of information Companies Ownership Registration Turks and Caicos Islands
Legislation
Sanctions and Anti-money Laundering Act 2018
Link
View this Written question on www.parliament.uk