On 29th July, the Department of Business, Enterprise and Industrial Strategy (BEIS) published the opinion on BEIS’ final stage impact assessment of the Draft Registration of Overseas Entities Bill, which proposes to extend the ‘people with significant control’ register (the PSC register) of UK companies to overseas entities that own UK property – to improve transparency; to assist criminal investigations and to deter the use of UK property as a vehicle for money laundering. The opinion says that the Department’s assessment of the overall impacts of the proposals, including the impacts on business, is sufficient, and sets out clearly the rationale for the policy and has considered different options, including a non-regulatory option. It does say that there are significant uncertainties around the overall impacts of the proposal, in particular whether it could deter legitimate investment in the UK, and says that the assessment would benefit from providing a clearer explanation in a number of areas, which the opinion lists.
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