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



1 Introduction

Transparency and the UK property market

Our inquiry

Report structure

2 The draft Bill in context

Overseas ownership of UK land

Money laundering

Existing anti-money laundering measures

The Fourth and Fifth EU Anti-Money Laundering Directives

Background to the draft Bill

The draft Bill: a summary

3 Structures required to register


Does the Bill cover individuals?

The meaning of “overseas entity”

A “fast-track” registration service?

Exemption and modification powers

“Equivalent” registers


Other measures relating to trusts

Should trusts be brought into the scope of the draft Bill?

4 Beneficial owners

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

Clause 16

Protection of information

5 Information held on the Register

Information held on the Register

Updating period

Scotland: possible double-reporting?


Verification: a role for Companies House?

Verification: a role for regulated professionals?

6 Enforcement

Overarching considerations

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

Innocent third parties

Criminal offences

Use of criminal sanctions


7 Conclusion

Conclusions and recommendations

Appendix 1: Members and interests

Appendix 2: Call for Evidence

Appendix 3: Delegated Powers Memorandum

Appendix 4: Human Rights Memorandum

Appendix 5: List of possible loopholes in the draft Bill

Appendix 6: Schedule of minor and drafting issues

Appendix 7: Glossary

Formal minutes


Published written evidence

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