Establish a public register of company beneficial ownership information for foreign companies who bid on UK central government contracts
Themes: Beneficial ownership
Last updated: May 2019
Concrete: Concrete | New: New | Ambitious: Ambitious
A REGISTER OF BENEFICIAL OWNERS OF OVERSEAS COMPANIES AND OTHER LEGAL ENTITIES
OVERVIEW DOCUMENT: DRAFT REGISTRATION OF OVERSEAS ENTITIES BILL
May 2019 update: The UK opened a call for evidence on a beneficial ownership register to increase the transparency of overseas investment in property and public contracts in April 2017. The results of the consultation were published in March 2018 – and confirmed that the Government intended to require the overseas companies that win public contracts, rather than those that bid for public contracts, to provide their beneficial ownership information. TI-UK considers this a downgrade of the original commitment, as it will not help to address the risk of corrupt practices during the bidding process.
In the consultation on a draft version of the Registration of Overseas Entities Bill published in July 2018, the Government stated that it was “considering mechanisms including the Contracts Finder Service” to hold this information.