UK bank accounts

Sanctions and Anti-Money Laundering Bill [Lords] – in a Public Bill Committee at 4:15 pm on 6th March 2018.

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“(1) For the purposes of tackling money laundering, the Companies Act 2006 is amended as follows.

(2) In section 853A (duty to deliver confirmation statements), after subsection (1) insert—

‘(1A) In subsection (1) “information” includes such information as is able to demonstrate that the company has a UK bank account.

(1B) Any company that is unable to provide the information required in subsection (1A) is liable to a fee which may be prescribed by regulations.’”—

This new clause would ensure that all companies wishing to be created in the UK must provide evidence of a UK bank account to ensure it has gone through proper money laundering checks by a UK supervising body. If a company is unable to provide proof then they are liable to a fee which will cover the cost of such checks.

Brought up, and read the First time.

Question put, That the clause be read a Second time.

The Committee divided:

Ayes 8, Noes 9.

Division number 17 Caledonian Pinewood Forest — UK bank accounts

Aye: 8 MPs

No: 9 MPs

Ayes: A-Z by last name

Nos: A-Z by last name

Question accordingly negatived.

New Clause 14