Establish a public register of company beneficial ownership information for foreign companies who bid on UK central government contracts
Themes: Beneficial ownership
Last updated: April 2020
Concrete: Concrete | New: New | Ambitious: Ambitious
The UK Government reiterated their commitment to establish a a Register of Overseas Entities alongside the December 2020 Queen’s Speech. The Registration of Overseas Entities Bill is also a key commitment within the Government’s 2019 Economic Crime Plan.
Peer reviewer: 1
Updated: April 30, 2020
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 information relating to the winners (rather than bidders) of public contracts. As of September 2019, the Cabinet Office has not yet published any updates on which mechanisms it intends to use for this register.
Updated: October 30, 2019
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.
Updated: May 30, 2019
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.
Updated: October 30, 2018