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Register of Beneficial Owners of Overseas Companies and Other Legal Entities

Volume 624: debated on Tuesday 18 April 2017

My noble Friend Lord Prior of Brampton has made the following statement:

On 5 April, we published a call for evidence seeking views on a new register that will show who owns and controls overseas companies and other legal entities that own UK property or participate in UK Government procurement.

The intention to create this register was announced at the International Anti-Corruption summit held in the UK last May. In providing greater transparency, the register will play a vital role in helping to combat corruption and money laundering. Greater transparency will also enhance the UK’s reputation as an open and stable place to invest.

Last year the UK became the first country in the G20 to introduce a register of UK company beneficial ownership. The new register will impose similar requirements on overseas entities that choose to invest in property in the UK or bid to provide central Government contracts here. The creation of this register will ensure that the UK continues to be at the forefront of the corporate transparency and anti-corruption agenda.