Non-UK Residents: Property Ownership Register Debate
Full Debate: Read Full DebateBaroness Blake of Leeds
Main Page: Baroness Blake of Leeds (Labour - Life peer)Department Debates - View all Baroness Blake of Leeds's debates with the Department for Business, Energy and Industrial Strategy
(2 years, 9 months ago)
Lords ChamberI totally agree with my noble friend. Just last week in the spending review we committed to new investments of £63 million for Companies House reform and £42 million for tackling money laundering and fraud. This is alongside the economic crime anti-money laundering levy which will provide an additional £100 million funding per year from 2023-24. We are committed to cracking down on money laundering and we will implement this legislation when time allows.
My Lords, the UK published a draft Order in Council under the Sanctions and Anti-Money Laundering Act 2018 that required British Overseas Territories to establish a public register of companies’ beneficial owners by 2021. Can the Minister confirm reports that this will not now be required until 2023? If so, can he explain why it has been postponed?