1: Clause 4, page 2, line 19, at end insert “and, where applicable, the statement and information mentioned in subsection (2A)”
Member’s explanatory statement
This amendment requires an application for registration as an overseas entity to include the information and statement required by subsection (2A) (information about trusts).
My Lords, I thank everyone who contributed to a lively and interesting Committee. I will move these government amendments on trusts. The Government seek to make amendments that address concerns raised in this House and the other place about trusts. These amendments set out that, where a trustee of a trust or equivalent arrangement is a registrable beneficial owner, the overseas entity must give them formal notice to provide their personal information and information about the trust. This information will be disclosed to HMRC, law enforcement agencies and other specified persons with a public function for the purposes of taking action with any offences they commit. I beg to move.
I am grateful to the Minister for bringing these amendments forward following the wide-ranging discussions we had earlier, when we had a full exploration of all the issues.
2: Clause 4, page 3, line 20, at end insert—
“(2A) Where an application includes information that a registrable beneficial owner is a trustee (see paragraphs 3(1)(f) and 5(1)(h) of Schedule 1), the application must also include— (a) the required information about the trust or so much of that information as the overseas entity has been able to obtain, and(b) a statement as to whether the entity has any reasonable cause to believe that there is required information about the trust that it has not been able to obtain.”Member’s explanatory statement
This amendment provides that where an application for registration as an overseas entity discloses that a registrable beneficial owner is a trustee, it must include additional information about the trust.
3: Schedule 1, page 41, line 6, leave out “the table in section 4” and insert “sections 4, 7 and 9”
Member’s explanatory statement
This amendment is consequential on changes to clauses 4, 7 and 9.
4: Schedule 1, page 42, line 3, at end insert—
“(f) whether the individual meets that condition by virtue of being a trustee.”Member’s explanatory statement
This amendment would mean that the required information about a registrable beneficial owner who is an individual includes information about whether the individual is a trustee.
5: Schedule 1, page 42, line 3, at end insert—
“(g) whether the individual is a designated person (within the meaning of section 9(2) of the Sanctions and Anti-Money Laundering Act 2018), where that information is publicly available.”Member’s explanatory statement
This amendment would mean that the required information about a registrable beneficial owner who is an individual includes information about whether the individual is designated by virtue of the Sanctions and Anti-Money Laundering Act 2018.