Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what the evidential basis is for the inclusion of clause 18(b) in the Economic Crime (Transparency and Enforcement) Bill.

The circumstances under which an overseas entity might be exempted from giving notices in accordance with the requirements of clause 12 of the Bill have been carefully considered to provide an appropriate balance between clarity and flexibility. Given the key objectives of the register of overseas entities are to improve transparency and combat money laundering, these exemptions will be used very carefully, and only for evidenced and legitimate reasons.