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Written question asked by Lord Rooker (Labour) on Tuesday, 29 October 2019, in the House of Lords. It was due for an answer on Tuesday, 12 November 2019. It was answered by Lord Duncan of Springbank (Conservative) on Tuesday, 5 November 2019 on behalf of the Department for Business, Energy and Industrial Strategy.

Foreign Companies: Ownership

Question

To ask Her Majesty's Government when the public register of beneficial owners of overseas entities will be available for public inspection in the UK.

Answer

The draft Registration of Overseas Entities bill was published on 23 July 2018. The Joint Committee for the draft bill carried out pre-legislative scrutiny earlier this year, with the Government publishing its response to the Committee’s report and recommendations on 18 July 2019. In the response, the Government accepted a number of the Committee’s recommendations and has been considering other recommendations to ensure that the legislation is as effective as possible in tackling the use of UK property for the purpose of money laundering.

It is essential that the new requirements are workable, proportionate and that the register strikes the right balance between improving transparency and minimising burdens on legitimate commercial activity. The Government intends to introduce the bill when parliamentary time allows.

Secondary information

Type
Written question
Reference
HL528
Session
2019-19
Subjects
Foreign companies Ownership Property Registration
Link
View this Written question on www.parliament.uk