§ Mr. ThompsonTo ask the Secretary of State for Foreign and Commonwealth Affairs, pursuant to his statement of 17 March 1999,Official Report, columns 1125–27, if he will list the British overseas territories that meet in full international standards on money laundering, transparency in regulation of their financial sectors, co-operation with law enforcement authorities and independent financial regulation. [78002]
§ Mr. Tony Lloyd[holding answer 23 March 1999]: None at present meets all these requirements. The Overseas Territories are at differing stages of developing regulatory regimes which are acceptable to the international community.
The White Paper on the Overseas Territories expands on the measures we consider necessary to ensure the OTs meet accepted international standards of financial regulation by the end of 1999. HMG will monitor progress in the OTs and continue to provide them with advice and support in drafting and effectively implementing legislation.
An independent review of financial regulation will be conducted in the OTs to check what progress has been made in implementing these measures. The review will also make recommendations on how to deal with issues outstanding and to what timetable. If any OTs are found to be inactive or behind, HMG will seriously consider whether to use our powers to ensure the standards are met.