Letter on Company Transparency

Economic Crime
Written By Guest User

In November 2020, the UK Anti-Corruption Coalition wrote to Alok Sharma MP, the Secretary of State for Business, Energy and Industrial Strategy, to express the importance of urgent action on Companies House reform and transparency on beneficial ownership and in the extractives sector.

We recommended that the Government:

  • Prioritise the passage of legislation to enact the recently announced Companies House reforms and the creation of a register of the overseas entities that own UK property.

  • Support the resourcing of reforms for Companies House by raising the incorporation fee for new companies, which currently stands at only £12.

  • Join the Beneficial Ownership Leadership Group and prioritise beneficial ownership and tackling illicit finance at the upcoming G7 meetings.

  • Improve the Companies House extractives service (online payments-to-governments reporting by UK-incorporated oil, gas and mining companies) along the lines that Publish What You Pay UK recommended in its August 2019 consultation submission; and include payments to governments for the sale of publicly owned oil, has and minerals (commodities trading) within the scope of transactions which are required to be disclosed.

Guest User
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