To ask the Secretary of State for Justice, whether he plans to review the legal status of letters of wishes in Disabled Person's Trusts, in the context of the increasing use of these structures for vulnerable beneficiaries under the Mental Capacity Act 2005 framework.

To ask the Secretary of State for Justice, whether he plans to review the legal status of letters of wishes in Disabled Person's Trusts, in the context of the increasing use of these structures for vulnerable beneficiaries under the Mental Capacity Act 2005 framework.

To ask the Secretary of State for Business and Trade, how many companies registered in England and Wales have declared a trustee of a (a) trust and (b) legal arrangement as a person with significant control.

To ask the Secretary of State for Business and Trade, how many companies registered in England and Wales have declared a trustee of a (a) trust and (b) legal arrangement as a person with significant control.

Lords motion to consider. Agreed to on question.

Lords motion to consider. Agreed to on question.

My Lords, these regulations will make targeted and technical amendments to strengthen the operation and transparency of the register of overseas entities, which I will refer to as the ROE. They will also correct a technical issue relating to limited liability partnerships, which I will refer to as LLPs.

The Government...

My Lords, these regulations will make targeted and technical amendments to strengthen the operation and transparency of the register of overseas entities, which I will refer to as the ROE. They will also correct a technical issue relating to limited liability partnerships, which I will refer to as LLPs.

The Government...

My Lords, I welcome the opportunity to speak to these regulations, which form part of the ongoing work to strengthen and refine the register of overseas entities, a register introduced by the Conservative Government to bring greater transparency

to overseas ownership of UK land and to protect our economy from...

My Lords, I welcome the opportunity to speak to these regulations, which form part of the ongoing work to strengthen and refine the register of overseas entities, a register introduced by the Conservative Government to bring greater transparency

to overseas ownership of UK land and to protect our economy from...

My Lords, it is a pleasure to follow the noble Lord, Lord Ashcombe, for the first time, I think. I welcome him to the wonderful world of economic crime. We are history-makers today, in that this is the first 11 am Tuesday session. It is a welcome change to the...

My Lords, it is a pleasure to follow the noble Lord, Lord Ashcombe, for the first time, I think. I welcome him to the wonderful world of economic crime. We are history-makers today, in that this is the first 11 am Tuesday session. It is a welcome change to the...

My Lords, I welcome the noble Lord, Lord Ashcombe, to his new role and congratulate him on it, and I thank both noble Lords for the points raised during this very short debate. I start by saying that the UK’s approach to the ROE is way ahead of international standards...

My Lords, I welcome the noble Lord, Lord Ashcombe, to his new role and congratulate him on it, and I thank both noble Lords for the points raised during this very short debate. I start by saying that the UK’s approach to the ROE is way ahead of international standards...

Lords motion to consider. Agreed to on question.

Lords motion to consider. Agreed to on question.

I beg to move that the Committee considers this package of changes to the money laundering regulations. They are aimed at improving the effectiveness of the UK’s anti-money laundering and counter-terrorist financing regime.

The money laundering regulations sit at the heart of the UK’s preventive, risk-based approach to tackling illicit finance....

I beg to move that the Committee considers this package of changes to the money laundering regulations. They are aimed at improving the effectiveness of the UK’s anti-money laundering and counter-terrorist financing regime.

The money laundering regulations sit at the heart of the UK’s preventive, risk-based approach to tackling illicit finance....

My Lords, I thank the Minister for his expansive introduction to this SI. I wish to express concern about two elements of it: the change in the transactions and the change in the rules on trusts.

This all comes at a moment when the OECD and the Financial Action Task Force...

My Lords, I thank the Minister for his expansive introduction to this SI. I wish to express concern about two elements of it: the change in the transactions and the change in the rules on trusts.

This all comes at a moment when the OECD and the Financial Action Task Force...

My Lords, these regulations introduce a number of changes following the Government’s 2022 review and the 2024 consultation. I thank the Minister for his clear introduction and for emphasising the important principle of getting things right first time, which partly explains why these reforms have taken time to come in....

My Lords, these regulations introduce a number of changes following the Government’s 2022 review and the 2024 consultation. I thank the Minister for his clear introduction and for emphasising the important principle of getting things right first time, which partly explains why these reforms have taken time to come in....

My Lords, I thank the noble Baronesses for their questions. They were many in number so we will scour Hansard and, if there are any that I do not answer, we will of course respond with letters.

I turn first to the points made by the noble Baroness, Lady Bennett; I...

My Lords, I thank the noble Baronesses for their questions. They were many in number so we will scour Hansard and, if there are any that I do not answer, we will of course respond with letters.

I turn first to the points made by the noble Baroness, Lady Bennett; I...

I have just been musing on something that the noble Lord said that I think I wrote down correctly: namely, that stamp duty reserve tax liability does not indicate a significant link to the UK. We need to consider that statement in the context of how much UK infrastructure and...

I have just been musing on something that the noble Lord said that I think I wrote down correctly: namely, that stamp duty reserve tax liability does not indicate a significant link to the UK. We need to consider that statement in the context of how much UK infrastructure and...

First, this is not a weakening of the regulation but a balanced approach that we take in this whole area. I will set out the arguments in greater form for the noble Baroness and write to her with the specifics.

First, this is not a weakening of the regulation but a balanced approach that we take in this whole area. I will set out the arguments in greater form for the noble Baroness and write to her with the specifics.

I come back to the issue of debanking. The Minister said some very useful things. This is debanking. We talked about defence companies and I look forward to hearing the results of that active engagement. I have talked in the APPG to individual defence companies that have had difficulties in...

I come back to the issue of debanking. The Minister said some very useful things. This is debanking. We talked about defence companies and I look forward to hearing the results of that active engagement. I have talked in the APPG to individual defence companies that have had difficulties in...

In response to the noble Baroness, there is the 90 days’ notice and the access to basic bank accounts, et cetera. There is ongoing work in this area. I can write to her and let her know exactly where we are up to in all of this, so she will...

In response to the noble Baroness, there is the 90 days’ notice and the access to basic bank accounts, et cetera. There is ongoing work in this area. I can write to her and let her know exactly where we are up to in all of this, so she will...