Joint Committee on the Draft Registration of Overseas Entities Bill
Draft Registration of Overseas Entities Bill
Report of Session 2017-19 - published 20 May 2019 - HL Paper 358 - HC 2009
Contents
Transparency and the UK property market
Existing anti-money laundering measures
The Fourth and Fifth EU Anti-Money Laundering Directives
3 Structures required to register
Does the Bill cover individuals?
The meaning of “overseas entity”
A “fast-track” registration service?
Exemption and modification powers
Other measures relating to trusts
Should trusts be brought into the scope of the draft Bill?
Beneficial owners: an overview
‘Conditions’ 1 and 2: the 25 per cent threshold
Congruence with the People with Significant Control Register
‘Condition 4’: “Significant influence or control”
Beneficial owners exempt from registering
5 Information held on the Register
Information held on the Register
Scotland: possible double-reporting?
Verification: a role for Companies House?
Verification: a role for regulated professionals?
Restrictions on registering land transactions
Absence of an entry on the Registers of Scotland
Length of leases which qualify for registration
Registration dates after which land may be subject to restriction
Conclusions and recommendations
Appendix 1: Members and interests
Appendix 3: Delegated Powers Memorandum
Appendix 4: Human Rights Memorandum
Appendix 5: List of possible loopholes in the draft Bill