Economic Crime (Transparency and Enforcement) Bill Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Stewart Hosie
Main Page: Stewart Hosie (Scottish National Party - Dundee East)Department Debates - View all Stewart Hosie's debates with the Department for Business, Energy and Industrial Strategy
Economic Crime (Transparency and Enforcement) Bill
Stewart Hosie ExcerptsMonday 7th March 2022
(2 years, 10 months ago)
Commons ChamberRead Full debate Economic Crime (Transparency and Enforcement) Act 2022 View all Economic Crime (Transparency and Enforcement) Act 2022 Debates Read Hansard Text Read Debate Ministerial Extracts Amendment Paper: Committee of the whole House Amendments as at 7 March 2022 - (7 Mar 2022)
Stewart Hosie
Schedule 2, paragraph 6 describes a beneficial owner as meaning someone, for example, who
“has the right to exercise, or actually exercises, significant…control over”
an “entity”. However, part 4 of schedule 2—on beneficial owners exempt from registration—goes on to describe such a person as someone who has
“the right to exercise, or actually exercises, significant influence or control over”
an “entity”. It may be that that apparent confusion is dealt with in part 3 of schedule 2, which deals with an entity
“subject to its own disclosure requirements”,
but it is not at all clear whether someone has to be a registrable beneficial owner, or whether they are exempt for precisely the same criteria.
Paul Scully
I thank the right hon. Gentleman for that point; it comes back to something that was said in the previous debate about persons of significant control, which I did not address at the time. However, I will take that point away and discuss it with the right hon. Member for Barking (Dame Margaret Hodge) and others to make sure that we can get any drafting on that exactly right.