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Due Diligence

Sanctions and Anti-Money Laundering Bill [Lords] – in the House of Commons at 6:14 pm on 1st May 2018.

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Votes in this debate

‘(1) For the purposes of preventing money laundering, when a company is formed, any company formation agent providing formation services must ensure that the identity and business risk profile of all beneficial owners of the company are established in accordance with—

(a) the customer due diligence measures under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692),

(b) regulations made under section 44 of this Act, or

(c) the Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on anti-money laundering measures.

(2) For the purposes of subsection (1), Companies House is to be treated as a “company formation agent”.’—(Anneliese Dodds.)

This new clause would ensure that when a company is formed in the UK, the relevant formation services must identify the beneficial owners of the company. It will also treat Companies House as a “company formation agent”, ensuring that the data on the public register of beneficial ownership for companies is accurate.

Brought up.

Question put, That the clause be added to the Bill.

The House divided:

Ayes 298, Noes 313.

Division number 145 Sanctions and Anti-Money Laundering Bill [Lords] — Due Diligence

Aye: 297 MPs

No: 313 MPs

Ayes: A-Z by last name

Tellers

Nos: A-Z by last name

Tellers

Question accordingly negatived.

Clause 1