Asked by: Sammy Wilson (Democratic Unionist Party - East Antrim)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment the Government has made of the potential merits of imposing stronger penalties on people found to have set up shell companies to launder money.
Answered by Kelly Tolhurst
Individuals setting up a company must provide information on who ultimately owns and controls the company and keep this information up to date, in line with the requirements of the People with Significant Control register. It can assist law enforcement in their investigations of alleged criminal behaviour, including money laundering. Companies House carries out a number of checks on all information received, ensuring it is valid, complete, and in compliance with company filing requirements. When it detects or receives intelligence relating to suspicious actions, including possible money laundering, Companies House will report the information to the relevant enforcement body. The UK’s anti-money laundering regime is currently being evaluated by the Financial Action Task Force, which will report in due course. Following this evaluation, the Government will consider areas where the anti-money laundering framework can be improved.
Asked by: Sammy Wilson (Democratic Unionist Party - East Antrim)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the ability of Companies House to verify that a company registering with Companies House complies with the EU's fourth Anti-Money Laundering Directive.
Answered by Kelly Tolhurst
The EU’s Fourth Anti-Money Laundering Directive requires Member States to ensure that companies in their jurisdictions obtain and hold information on their beneficial owners. The UK’s register of company beneficial owners, the People with Significant Control register, went live in June 2016, and UK companies have been required to obtain, hold and provide to Companies House their beneficial ownership information. The UK’s anti-money laundering regime is currently being evaluated by the Financial Action Task Force, which will report in due course. Following this evaluation, the Government will actively consider areas where the anti-money laundering framework can be improved. The Government will look in particular at controls over who registers companies in the UK, what information they have to provide, and how assurance is provided over that information.
Asked by: Sammy Wilson (Democratic Unionist Party - East Antrim)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what funding his Department has allocated to research into the development of small-scale nuclear reactors in each of the last five years.
Answered by Lord Harrington of Watford
Government funding for small modular reactors (SMRs) should be seen in the context of the wider nuclear innovation programme where Government, Innovate UK, Research Councils and BEIS expect to invest £460m in nuclear research and development. As part of this commitment the Department of Business, Energy and Industrial Strategy will allocate £180m to nuclear innovation.
An initial £20m of funding was announced in 2016 to support the development of a range of technology options including small scale nuclear. Funding of £7m for regulators to support industry as well as advance their knowledge of smaller nuclear reactors has also been announced (2017).
In addition the Department has also funded a number of studies including £400k for the National Nuclear Laboratory Small Modular Reactor (SMR) Feasibility Report (2014), £4.5m for the Techno-Economic Assessment of SMRs (2015/16), £40k for a micro reactor study (2016) and £30k for an SMR cost reduction study (2017).
Asked by: Sammy Wilson (Democratic Unionist Party - East Antrim)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the potential benefits of small-scale nuclear reactors to the provision of electricity in the UK.
Answered by Lord Harrington of Watford
Government recognises the potential long-term value of small modular reactor (SMR) technology. To explore this potential Government commissioned a feasibility study to assess the technical, economic and commercial case for SMRs. This study, led by National Nuclear Laboratory, was published in December 2014.
In order to further assess the benefits and risks of SMR deployment a more detailed techno-economic assessment of SMRs was commissioned in 2015. The techno-economic assessment of SMRs, alongside engagement with industry, is being used to inform policy development.
In addition BEIS commissioned a study on micro reactors (2016) and a SMR cost reduction study (2017).
Government expects to make further announcements on the next steps for SMRs, including publication of the techno-economic assessment, in the coming months.