joselync
03-01-2022, 01:08 PM
With permission, Mr Speaker, I would like to make a statement on reforms the government will be bringing forward to improve transparency over the ownership of companies and property in the UK and to strengthen the enforcement of financial sanctions. These are key elements of our strategy to tackle dirty money from Russia and elsewhere.
Mr Speaker, the openness of our economy to investment from all parts of the world is one of our greatest strengths.
However, we are equally determined that we ant to attract the right type of investment. As many in this House will know, oligarchs and kleptocrats from Russia and elsewhere have used the veneer of legitimacy provided by UK-registered companies and partnerships. They have also used high-end property to help launder proceeds of corruption.
At present, Companies House has very limited powers to prevent this abuse. In light of Russia?s outrageous actions in recent days, it is necessary that we put these criminals on notice, and send a message that the UK will not tolerate their corruption here.
So to that end I am announcing 2 immediate steps.
Firstly, today my department is publishing a white paper on corporate transparency and register reform. And this white paper sets out a comprehensive package of reforms to Companies House.
The agency will be transformed into a custodian of accurate and detailed information ? ensuring that we can clamp down on those who seek to abuse UK corporate structures to launder money.
Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity with Companies House, who will then be able to challenge dubious information and inform the security agencies.
Company agents from overseas will no longer be able to create companies in the UK on behalf of foreign criminals or secretive oligarchs.
Mr Speaker, the openness of our economy to investment from all parts of the world is one of our greatest strengths.
However, we are equally determined that we ant to attract the right type of investment. As many in this House will know, oligarchs and kleptocrats from Russia and elsewhere have used the veneer of legitimacy provided by UK-registered companies and partnerships. They have also used high-end property to help launder proceeds of corruption.
At present, Companies House has very limited powers to prevent this abuse. In light of Russia?s outrageous actions in recent days, it is necessary that we put these criminals on notice, and send a message that the UK will not tolerate their corruption here.
So to that end I am announcing 2 immediate steps.
Firstly, today my department is publishing a white paper on corporate transparency and register reform. And this white paper sets out a comprehensive package of reforms to Companies House.
The agency will be transformed into a custodian of accurate and detailed information ? ensuring that we can clamp down on those who seek to abuse UK corporate structures to launder money.
Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity with Companies House, who will then be able to challenge dubious information and inform the security agencies.
Company agents from overseas will no longer be able to create companies in the UK on behalf of foreign criminals or secretive oligarchs.