Illicit finance, corruption, and kleptocracy pose a direct threat to our national security, economic resilience, and the integrity of the global financial system. The UK remains steadfast in its commitment to tackling these threats both at home and abroad by strengthening our defences and leading international efforts to ensure there is no safe haven for dirty money.
Illicit finance is a transnational challenge that thrives on opacity and weak governance. It undermines sustainable development, distorts markets, and erodes public trust. That is why this Government have made it a core priority to enhance transparency, restrict enablers of financial crime, and hold perpetrators of grand corruption to account.
In November, the Foreign Secretary launched a comprehensive illicit finance campaign, placing corporate transparency at the heart of our agenda. A key pillar of this work is the implementation of beneficial ownership registers across the overseas territories and Crown dependencies.
At the Joint Ministerial Council in November 2024, all overseas territories committed to increasing access to company ownership data. The Falkland Islands and St Helena pledged to implement fully public registers by April 2025, joining Montserrat and Gibraltar, which had already done so. Other territories—including Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, and the Turks and Caicos Islands—committed to implementing registers with legitimate interest access by June 2025, with appropriate safeguards to protect privacy in line with their constitutions.
Since then, we have worked closely with each territory to support implementation. I am pleased to report that progress has been made across the board, with several registers now operational.
I welcome the launch of St Helena’s fully public register on 30 June 2025.
The Falkland Islands reaffirmed their commitment to transparency in their public statement on 30 June and intend to implement their register by July 2026 due to capacity constraints. Preparatory work is under way, and UK support remains available to help implement their register as soon as possible.
Gibraltar has maintained a fully public register since 2020. I commend its leadership and welcome its efforts to improve user access.
Montserrat has also played a leading role by launching its public register in 2024. I welcome its leadership.
The Cayman Islands launched their legitimate interest register in February 2025, which allows access by a range of people, including journalists. I welcomed Premier Ebanks’ commitment to make further enhancements in our meeting last month, including more streamlined processes for multiple search requests, including on fees.