The UK government’s plans to extend the people with significant control (PSC) register regime were confirmed by Sir Eric Pickles, the government’s Anti-Corruption Champion, in a speech at October’s Anti-Bribery & Corruption Forum in London.
When implemented, the extension will require non-UK companies to disclose their beneficial ownership information before they can buy UK property or enter into UK public procurement contracts. UK companies and limited liability partnerships are already required to disclose this information under the PSC register regime. Click here for our dedicated PSC register regime microsite.
The plans were originally announced by former Prime Minister David Cameron in May 2016 but following the results of the Brexit referendum and the selection of Theresa May as the new Prime Minister, it was unclear whether they were a priority for the new UK government. We covered the original plans in this insight.
A call for evidence on the plans will be published this Autumn, according to Sir Pickles. But whilst the government still appears to be committed to a beneficial ownership register, it remains to be seen if any changes are made from the plans announced in May.
In the meantime, the government has already published two consultations to extend PSC register regime to Scottish limited partnerships, trusts and possibly AIM companies as part of implementation of the 4th Money Laundering Directive. Click here for our PSC register microsite for more information about those consultations.