Asked by: Neil Coyle (Labour - Bermondsey and Old Southwark)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment he has made of the potential impact of the Economic Crime and Transparency Act 2023 on the offshore ownership of property in the UK to conceal money laundering and other illegal activities.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Economic Crime Acts 2022 and 2023 established and strengthened the UK’s Register of Overseas Entities, which requires overseas entities owning UK land to disclose their beneficial owners. Since launching in 2022, over 33,000 entities have registered. The Companies House Strategic Intelligence Assessment (2024) found it is almost certain that the register has reduced the ability to hide beneficial ownership of UK property and improve transparency for law enforcement. Non‑compliant entities are also prevented from selling, leasing or raising finance over UK land. The Government is currently reviewing the legislation’s impact and will publish findings once complete.