Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, pursuant to the Answer of 10 November 2021 to Question 68469 on Property: Ownership, and with reference to Written Statement on Register of Beneficial Owners of Overseas Entities Update, of 2 November 2021, HCWS366, if he will provide an urgent update on his plans to introduce a public beneficial ownership register of overseas entities that own UK property, in response to threats of Russian aggression towards Ukraine.

As indicated in the previous answer, the Government remains committed to establishing a new beneficial ownership register of overseas entities that own UK property. This register will help combat money laundering and achieve greater transparency in the UK property market. The Government has been exploring how best to implement the recommendations of the Joint Committee and when we introduce the Register it will be more effective, thanks to the broader powers we are now planning to give Companies House. This will also require primary legislation and we will legislate when parliamentary time allows.