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Sanctions and Anti-Money Laundering Bill [HL] - Committee (3rd Day) (Continued)

Part of the debate – in the House of Lords at 8:35 pm on 6th December 2017.

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Moved by Baroness Kramer

69H: After Clause 41, insert the following new Clause—“Trust or company service providers(1) A trust or company service provider that does not carry on business in the UK may not incorporate UK companies without oversight from an anti-money laundering supervisor.(2) In this section—“anti-money laundering supervisor” has the same meaning as “supervisory authority” in Schedule 2;“trust or company service provider” has the same meaning as in regulation 3 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 692/2017);“carry on business in the UK” has the same meaning as in regulation 9 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 692/2017).”