Non-UK Residents: Property Ownership Register Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Baroness Barker
Main Page: Baroness Barker (Liberal Democrat - Life peer)Department Debates - View all Baroness Barker's debates with the Department for Business, Energy and Industrial Strategy
Non-UK Residents: Property Ownership Register
Baroness Barker Excerpts(2 years, 6 months ago)
Lords ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Lord Callanan (Con)
The UK’s overseas territories and Crown dependencies have all now committed to introduce publicly accessible registers of who ultimately owns companies registered there by 2023, as the noble Baroness has said. They regularly share information with UK law enforcement and tax authorities.
Baroness Barker (LD)
My Lords, the committee looking at the draft Bill recommended that there be improved means for members of the public, journalists and NGOs who have information about beneficial owners who are not properly registered to flag up concerns with the Land Registry and Companies House. What, if any progress, has been made towards that?
Lord Callanan (Con)
When the register is implemented there will be considerable incentives to comply and penalties for not complying. I am sure that Companies House and the Land Registry would be very interested to hear any reports of anybody not abiding by the regulations.