Money Laundering

Department for Business, Energy and Industrial Strategy written question – answered on 13th September 2017.

Alert me about debates like this

Photo of Margaret Hodge Margaret Hodge Labour, Barking

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he plans to take to ensure UK entities cannot be used as shell companies for money laundering in light of recent allegations against prominent Azerbaijanis.

Photo of Margot James Margot James Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The UK has implemented a series of reforms since 2015 aimed at increasing the transparency of UK incorporated legal persons and arrangements, and preventing their misuse for illicit purposes. These reforms include, but are not limited to, the introduction of the publicly accessible People with Significant Control Register; the abolition of bearer shares; the introduction of a register of trusts with tax generating consequences; the introduction of Unexplained Wealth Orders; and the introduction of the HMRC register of Trust or Company Service Providers. It is too early to measure the impact of many of these reforms, but we expect these measures to make a significant difference to the prevention of the misuse of companies and trusts, and assist law enforcement in their investigations where misuse does occur.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.