Monday 4 March 2019 / 7:20 PM Anneliese Dodds / Economy

Anneliese Dodds responds to Government pulling the Financial Services Bill

Anneliese Dodds MP, Labour’s Shadow Treasury Minister, responding to the Government pulling the Financial Services (Implementation of Legislation) Bill [Lords] from today’s business, said:

“This move is quite clearly in response to the selection of Dame Margaret Hodge and Andrew Mitchell’s amendment on public registers of beneficial ownership of companies in the British Overseas Territories and Crown Dependencies. This amendment had cross party support and looked likely to pass.

“Public registers are an essential step to clamp down on money laundering, tax evasion, and corruption.

“The amendment followed the Government’s decision earlier last month to go back on existing legal commitments to get public registers put in place. When Labour has asked Ministers about progress on this issue with our Crown Dependencies, their responses implied that next to no progress had been made. That is even aside from their failures to obtain public registers in our Overseas Territories.

“Labour has today called on the Government to commit to attending a meeting with representatives from our Overseas Territories and Crown Dependencies and other political parties, within the next month, to discuss a way forward. Given the Government’s repeated failures on this issue, this is the only way of ensuring that progress is made on establishing public registers.”