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The House of Commons and House of Lords joint committee on the Draft Registration of Overseas Entities Bill has published its pre-legislative scrutiny report. It concludes that the bill is well drafted but improvements are needed. In particular the government should clarify whether this bill or the Fifth Anti-Money Laundering Directive will apply to land held by trusts.
Other recommendations include putting beyond doubt that individuals can come within the definition of a ‘legal person’; giving responsibility for making final decisions on the legal personality of an entity to Companies House rather than land registries; and clarifying when powers to grant exemptions or protect information from being made public may be used.
The Registration of Overseas Entities Bill will establish a publicly-accessible register of the beneficial owners of overseas entities purchasing land and of those who already own land. The government plans to launch the register in 2021.
Joint Committee on...
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