Department for Digital, Culture, Media and Sport: Offshore Funds

Summary

To ask the Minister of State, Department for Digital, Culture, Media and Sport, whether his Department monitors the cash held by its subsidiaries in offshore bank accounts; and how frequently those subsidiaries report those balances to his Department.

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Timeline

1. 11 February 2020

   Written question

   To ask the Minister of State, Department for Digital, Culture, Media and Sport, whether his Department monitors the cash held by its subsidiaries in offshore bank accounts; and how frequently those subsidiaries report those balances to his Department.

   Source: Commons

2. 18 February 2020

   Answer

   DCMS monitors the commercial bank balances of its Arm’s-Length Bodies (ALBs) held outside of the Government Banking Service (GBS) via quarterly returns and this is reported to HM Treasury. The returns include any cash held in offshore accounts.

   Source: Written answer

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• · Department for Digital, Culture, Media and Sport · Answering body

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