House of Commons · Written Ministerial Statement
Register of Beneficial Owners of Overseas Entities Update
21 July 2020 · Department for Business, Energy and Industrial Strategy
Proposed by Paul Scully Con Sutton and Cheam
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The UK Government committed to creating a register of beneficial owners of overseas entities owning or purchasing property in the UK to combat money laundering and illicit finance.
- The Government accepted recommendations to ensure robust data verification and reporting facilities for inaccurate information.
- Draft legislation is under consideration with ongoing engagement from civil society, business, and the property market.
Issue summary
The statement discusses the UK's commitment to creating a register of beneficial owners of overseas entities owning or purchasing property in the UK to combat money laundering and illicit finance.
Action requested
The Government has accepted recommendations for ensuring robust data verification, reporting facilities for inaccurate information, and advancing work on Companies House powers. The draft legislation is under consideration with ongoing engagement from civil society, business, and the property market to ensure equitable implementation across the UK.
Key facts
- The register of beneficial owners of overseas entities owning or purchasing property in the UK aims to combat money laundering.
- Section 50 of the Sanctions and Anti-Money Laundering Act 2018 commits to annual reporting on progress.
- Draft Registration of Overseas Entities Bill underwent Pre-Legislative Scrutiny by a Joint Committee in Spring 2019.