In my statement of 3 July, I provided an update on progress made by our overseas territories on delivering on commitments at the Joint Ministerial Council in November 2024 on corporate transparency and beneficial ownership registers.
On 15 July, I convened a virtual illicit finance ministerial dialogue with elected leaders of the overseas territories, Ministers and senior officials and was pleased to be joined by Baroness Hodge, the Prime Minister’s anti-corruption champion.
We discussed the importance of working together to tackle the threats of illicit finance and the important role that beneficial ownership registers play as part of our toolkit.
In line with my previous statement of 3 July, we reviewed progress made in each overseas territory, and I have asked Baroness Hodge, in her capacity as the Prime Minister’s anti-corruption champion, to support me and other Ministers in working with the overseas territories to help deliver progress. As an immediate next step, Baroness Hodge will visit the British Virgin Islands to assess progress in implementing their commitments on beneficial ownership registers. She will report back to me after the summer. I will carefully consider what further steps to take in the light of this report.
Our next formal review of progress will be at the next Joint Ministerial Council scheduled in November. I and my officials will remain in close contact with the overseas territories prior to that to support completion of the commitments made previously.
I also updated overseas territory leaders and other delegates about the opportunity to work together in support of the Foreign Secretary’s illicit finance campaign and ahead of the countering illicit finance summit that is being planned in 2026.