Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps the Government is taking to prevent UK-registered companies being used in money laundering schemes.

This Government is committed to making the UK a hostile place for illicit finance. Knowing who ultimately owns and controls a company is an important part of the global fight against corruption, money laundering and terrorist financing. It can assist law enforcement in their investigations, and additionally act as a deterrent. Our public register of company beneficial ownership, the People with Significant Control register, went live in June 2016. In June last year, this requirement was extended to Scottish Limited Partnerships. Last year we further strengthened our anti-money laundering regime through the Money Laundering Regulations 2017, bringing our system into line with the international standards as set by the Financial Action Task Force.