Corporate Transparency and Economic Crime

Kerry McCarthy Excerpts

Monday 28th February 2022 Commons Chamber

[Kwasi Kwarteng]

I am conscious that my hon. Friend would not want me to burden people who are legitimately setting up companies. He will also appreciate that the legislation will create new criminal offences, and I am confident that this will significantly tighten the regime that we have today.

[Kerry McCarthy (Bristol East) (Lab)]

The Minister said in his statement that the new register will require anonymous foreign owners to reveal their real identity, to ensure that criminals cannot hold property behind secretive chains of shell companies. Will it also deal with the issue of beneficial ownership sometimes just being put in the name of another individual so that, on the face of it, it looks like they are the person who is entitled to beneficial ownership, but really they are not?

[Kwasi Kwarteng]

The hon. Lady is absolutely right to say that we want to have greater transparency. The example in the statement was merely that; it was an example of how people can hide ownership of assets. We want greater transparency generally.