Detail of outcome
The discussion paper explored the principle of whether we should legislate to create a beneficial ownership register of overseas companies that own UK property or participate in UK government procurement.
The responses have confirmed the need to create this register and allowed us to develop the proposals further. We’re seeking views on the detail of these proposals in a call for evidence: Property ownership and public contracting by overseas companies and legal entities: beneficial ownership register.
Detail of feedback received
We received 38 responses to the discussion paper. These came from:
- law firms
- trade associations and representative bodies
- estate agents
- civil society and transparency campaigners
This discussion paper sets out proposals to improve the transparency of ownership of overseas companies that purchase property or participate in public contracting.
The proposals are designed to help prevent the UK from being a safe haven for corrupt money from around the world.
The consultation closing date was extended to Monday 4 April 2016.