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

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps the Government is taking to facilitate the tracing of who is setting up and administering UK companies.

The Money Laundering Regulations 2017 established specific obligations upon trust or company service providers, requiring such entities carrying on business in the UK to be subject to a fitness and propriety test, and to register with either Her Majesty’s Revenue and Customs or the Financial Conduct Authority. The Government will also shortly formally establish the Office for Professional Body Anti-Money Laundering Supervision within the Financial Conduct Authority. This will work to ensure consistently high standards of anti-money laundering supervision by professional bodies, including of TCSPs.