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

To ask Her Majesty's Government when the public register of beneficial owners of overseas entities will be available for public inspection in the UK.

The draft Registration of Overseas Entities bill was published on 23 July 2018. The Joint Committee for the draft bill carried out pre-legislative scrutiny earlier this year, with the Government publishing its response to the Committee’s report and recommendations on 18 July 2019. In the response, the Government accepted a number of the Committee’s recommendations and has been considering other recommendations to ensure that the legislation is as effective as possible in tackling the use of UK property for the purpose of money laundering.

It is essential that the new requirements are workable, proportionate and that the register strikes the right balance between improving transparency and minimising burdens on legitimate commercial activity. The Government intends to introduce the bill when parliamentary time allows.