SANCTIONS AND ANTI-MONEY  LAUNDERING BILL [LORDS]: Public Register of Beneficial Owners of Overseas Entities
The Deputy Speaker put forthwith the Questions necessary for the disposal of the business to be concluded at that time (Standing Order No. 83E).
New Clause 13
‘(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.)