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Written question asked by Baroness Hodge of Barking (Labour) on Tuesday, 12 March 2024, in the House of Commons. It was due for an answer on Thursday, 14 March 2024. It was answered by Kevin Hollinrake (Conservative) on Thursday, 21 March 2024 on behalf of the Department for Business and Trade.

Partnerships: Shipping

Question

To ask the Secretary of State for Business and Trade, with reference to the oral contribution of the Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy during the Twelfth sitting of the Public Bill Committee on the Economic Crime and Corporate Transparency Bill on Tuesday 15 November 2022, Official Report, column 397, whether she has made an assessment of the prevalence of nominee partners being used to hide the person with significant influence or control over limited partnerships in the context of recent reports on that subject.

Answer

The Government is aware that limited partnerships are being misused by rogue actors. This is why we legislated for reform of the law governing limited partnerships via the Economic Crime and Corporate Transparency Act 2023.

Under these reforms, much more information will be required on the partners of all limited partnerships, leading to greater transparency. Companies House will also have greater powers to challenge, reject, share and remove suspicious information relating to limited partnerships.

In addition, the new Companies House intelligence hub will use data science to identify patterns and crack down on those trying to dodge the new requirements.

Secondary information

Type
Written question
Reference
18022
Session
2023-24
Subjects
Accountability Assets Partnerships Shipping Economic crime
Link
View this Written question on www.parliament.uk