Source · Select Committees · Treasury Committee
Recommendation 55
55
Paragraph: 246
We are disappointed that the Registration of Overseas Entities Bill is still awaiting introduction, more...
Conclusion
We are disappointed that the Registration of Overseas Entities Bill is still awaiting introduction, more than five years after it was promised, and after scrutiny by a Joint Committee. Improving transparency of ownership of UK property is an important step that needs to be taken in order to improve defences against misuse of UK assets and companies by criminals and kleptocrats.
Paragraph Reference:
246
Government Response
Not Addressed
HM Government
Not Addressed
The government agrees that improving transparency of ownership of UK property is an important step in improving defences against misuse of UK assets and companies by criminals and kleptocrats. That is why the government prioritised the Economic Crime (Transparency and Enforcement) Act, which received Royal Assent on 15 March. The Act introduces the Register of Overseas Entities, which will require overseas entities that own land or property in the UK to declare their beneficial owners. The register will be held by Companies House and will be publicly accessible.