Parliamentary Search

Written question asked by Lord Taylor of Warwick (Non-affiliated) on Wednesday, 2 March 2022, in the House of Lords. It was due for an answer on Wednesday, 16 March 2022. It was answered by Lord Callanan (Conservative) on Tuesday, 15 March 2022 on behalf of the Department for Business, Energy and Industrial Strategy.

Foreign Companies: Property

Question

To ask Her Majesty's Government what plans they have to conduct checks to ensure the transparency of those registering overseas entities.

Answer

On 1 March, the Government introduced the Economic Crime (Transparency and Enforcement) Bill. The Bill will legislate for a new Register of Overseas Entities that will require overseas companies owning or buying property in the UK to provide information about their beneficial owners to Companies House.

Beneficial owners and managing officers of overseas entities will be required to verify their information with a UK professional who is supervised for anti-money laundering purposes, otherwise their registration will be refused. As such, information will be verified at the point of registration, annually as part of the updating duty, and at the point of removal from the register.

Secondary information

Type
Written question
Reference
HL6579
Session
2021-22
Subjects
Disclosure of information Foreign companies Ownership Property Registration
Link
View this Written question on www.parliament.uk