Company Directors: Identification

Lord Clarke of Nottingham Excerpts

Wednesday 22nd May 2024 Lords Chamber

[Lord Johnson of Lainston (Con)]

I thank the noble Lord for his question and his extremely collaborative input in the ECCT Bill over the past year or so. The statutory instrument that we are introducing today looks at the identity verification checks that ACSPs will have to undertake. As he will know, ACSPs are well covered by their various industry bodies, and, as I said, we have done an enormous amount to ensure that information on the register in Companies House is now true and verifiable. He will also know that we have gone even further to ensure that people with significant control are caught by the new regulations.

[Lord Clarke of Nottingham (Con)]

My Lords, the previous Parliament passed an amendment to extend to the overseas territories of the United Kingdom the legal obligation to have a company register show beneficial ownership and to make that register open to public inspection. Can the Minister let the House know what progress there has been in making the British Overseas Territories, such as the Cayman Islands and the British Virgin Islands, comply with our obligations and open a register of beneficial ownership?

[Lord Johnson of Lainston (Con)]

I thank my noble friend for that point. We are making very good progress and we collaborate with all such jurisdictions. There is more work to be done. A consultation on how much identity can be published has concluded recently, and we will report back to the House when we have our own findings that are appropriate for these measures.