Q&As

What is the register of overseas legal entities that own UK property or participate in UK government procurement?

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Published on LexisPSL on 13/04/2017

The following Corporate Q&A provides comprehensive and up to date legal information covering:

  • What is the register of overseas legal entities that own UK property or participate in UK government procurement?

What is the register of overseas legal entities that own UK property or participate in UK government procurement?

Corporate transparency is now viewed as an essential element in any strategy aimed at reducing or eliminating corruption, tax evasion, terrorist financing and money laundering. The BEIS has decided that the use of offshore corporate vehicles to obscure the true owners of UK property has attracted those who wish to hide illicit funds and launder the proceeds of crime. Between 2004–2014, over £180m worth of property in the UK has been investigated as suspected proceeds of corruption. Greater transparency of property ownership will make the job of enforcement agencies easier and will discourage criminals and the corrupt from choosing the UK to hide or launder their money.

Since the establishment of the people with significant control (PSC) register in April 2016, all companies incorporated in the UK must give information about their ultimate beneficial owners to Companies House with their annual confirmation statement. Most of the information on the central register is publicly available, with some necessary exceptions to protect

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