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 Labour backs push for public ownership registers in UK overseas territories  

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 Labour backs push for public ownership registers in UK overseas territories  



..Labour’s frontbench has asked its MPs to support a backbench amendment that would force Theresa May to tell Britain’s overseas territories to introduce public ownership registers in an attempt to prevent them from being exploited by the global super-rich.

May faces cross-party push for public company registers in overseas territories

The party’s three line whip backing for the amendment, which has attracted the support of 20 rebel Conservatives, makes it more likely that the government will be defeated on the transparency measure in the Commons on Tuesday.

The shadow chancellor, John McDonnell, said the government needed to show it was “serious about clamping down on tax avoidance and taking on the vested interests of the super rich” by supporting the backbench amendment to the sanctions and anti-money laundering bill...


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29 minutes ago, byron78 said:

Needs to happen. 




Number 10 has said it will study whether the proposed amendment will be effective, although government whips had suggested that implementation could be delayed until 2025 in an attempt to peel off the rebels that Mitchell insisted had not been successful.

Tory/bankster. The terms are interchangeable.

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Government accepts public ownership registers for UK overseas territories in major U-turn

Sir Alan Duncan now turns to beneficial ownership in his speech.

He says he tried to address this by tabling his own amendment. This would have taken measures to get crown dependencies to establish public registers of beneficial ownership, short of legislation.

He says he thinks there would have been a majority for his amendment. But it was not selected, he says.

He says the government proposal would have avoided the prospect of there being a constitutional clash between London and the overseas territories.

Turning to the Hodge amendment, he says the concern is that it would compel the UK to legislate if the overseas territories act by the end of 2020.

He says these territories have registers that are available to the law enforcement agencies.

The arguments are finally balanced, he says. The government recognises the need to tackle fraud.

But the economic impact on the overseas territories will be signficant. They have their own legislatures. They are not represented in this parliament. Legislating on their behalf would disenfranchise them, he says.

He says the UK does not want to legislate directly for them.

But the government has listend to the views of MPs. It is the majority view in this HOuse that the overseas territories should have public registers of beneficial ownership.

So the government will not vote against the Hodge amendment, he says.

  • Government backs down and agrees to legislate for public ownership registers in UK overseas territories.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
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