Sanctions and Anti-Money Laundering Bill — New Clause 13 — Requirement for Companies House and Others to Identify Beneficial Ownwers of Companies on Formation — 1 May 2018 at 18:14
The majority of MPs voted against requiring Companies House and company formation agents to establish the identity and business risk profile of all beneficial owners of a company when it is formed.
MPs were considering the Sanctions and Anti-Money Laundering Bill.
The proposed new clause rejected in this Bill was titled: Due Diligence and stated:
- (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 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”.’
The rejected amendment was accompanied by the following explanatory clause:
- This new clause would ensure that when a company is formed in the UK, the relevant formation services must identify the beneficial owners of the company. It will also treat Companies House as a “company formation agent”, ensuring that the data on the public register of beneficial ownership for companies is accurate.
Votes by party, red entries are votes against the majority for that party.
What is Tell? '+1 tell' means that in addition one member of that party was a teller for that division lobby.
What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.
What is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (No)||Minority (Aye)||Both||Turnout|
|Con||302 (+2 tell)||0||0||96.2%|
|Lab||0||244 (+2 tell)||0||95.3%|