My right hon. friend the Under-Secretary of State, Minister for Climate Change and Corporate Responsibility (Lord Duncan), has today made the following statement:
The United Kingdom has a reputation as a good place to do business. Our high corporate standards and market transparency give people trust and confidence in our markets. We recognise that knowing whom you are really doing business with improves confidence in commerce and investment and we continue to work on improvements to the strong systems that we already have in place.
However, the same factors that make the UK an attractive location to set up and operate a business also make it attractive to exploitation. One such area of exploitation is the UK’s property market, which continues to be an attractive vehicle for criminal investment, in particular for high-end money laundering. The risks relating to the laundering of dirty money through property are most acute where property is owned anonymously through corporate structures or trusts. The Government are therefore working to crack down on this illicit activity by creating a register of the beneficial owners of overseas entities which own or buy property in the UK.
The Government committed in primary legislation, through section 50 of the Sanctions and Anti-Money Laundering Act 2018, to report to Parliament annually on the progress that has been made towards putting in place such a register. The register is included as one of the key measures of the UK’s “Economic Crime Plan 2019-22”1, and the December 2019 Queen’s Speech included a commitment to progress the required legislation.