Joint Committee on the Draft Registration of Overseas Entities Bill established to scrutinise law on foreign ownership of UK property

The draft Bill would establish a public register of the beneficial owners of overseas entities that own or purchase land in the UK, and require them to identify their beneficial owner, disclose that information to the register, and update the information for the register annually.

The legislation was introduced following widespread concern about the lack of transparency around who ultimately owns land in the UK, when the land is registered to an overseas company or other entity. Evidence from UK law enforcement and transparency campaigners shows that overseas entities are often used as a vehicle by criminal organisations and corrupt individuals to hide and launder the proceeds of bribery, corruption and organised crime. The UK's property market is particularly attractive because of the UK's stable and open political and business environment. 

Members of the Committee are:

• Peter Aldous MP
• Baroness Barker
• Emma Dent Coad MP
• Lord Faulkner of Worcester
• Lord Faulks
• Lord Garnier
• Lord Haworth 
• Mark Menzies MP
• Mark Pawsey MP
• Lloyd Russell-Moyle MP
• Lord St John of Bletso
• Alison Thewliss MP

The Committee is calling on interested individuals, businesses and organisations to share their thoughts on the Bill regarding:

• Objectives and scope of the draft Bill
• The practical operation of the register
• Compliance and enforcement
• Delegated powers

The deadline for written submissions is 18 March 2019.

Find out how to contribute evidence here. 

The Committee will be holding its first evidence session on Monday 4 March. Giving evidence to the Committee will be:

• Mr Tom Keatinge, Director at the Centre for Financial Crime and Security Studies, Royal United Services Institute
• Professor Jonathan Fisher QC, Barrister at Bright Line Law
• Mr John Condliffe, Partner at Hogan Lovells and Member of the Investment Property Forum, Regulation and Legislation Group

Questions are likely to include:

• What is your assessment of the scale of the problem of money laundering in the UK property market?
• What impact do you envisage the draft Bill will have on the UK property market?
• What impact is the Bill likely to have on existing owners of UK property?
• Do you have any comment to make about the sanction and enforcement measures proposed in this Bill?

The session will start at 4.15pm in Committee Room 4.