Beneficial Ownership

EDM number 584 in 2013-14, proposed by Martin Horwood on 16/10/2013.
Categorised under the topics of Companies, Regulation and Taxation.

That this House calls on the Government to set up a public registry of real beneficial owners of all UK companies and trusts, to support the establishment of public registries at an EU level and to use its influence to ensure that British Overseas Territories and Crown Dependencies adopt public registries of beneficial ownership; notes that the Government made key commitments to improving transparency and information on company ownership at the G8, with the Prime Minister making it clear he publicly supports public registries; further notes, however, that many of the G8 commitments have yet to be realised; observes that illicit financial flows driven by tax avoidance and evasion see US$850 billion a year leave developing countries, depriving those countries of vital capital and revenues; observes further that tax avoidance and evasion, and corruption, from and in developing countries is often facilitated by shell companies registered in both the UK and offshore financial centres, such as those in the British Overseas Territories and Crown Dependencies; and believes that public registries of the real, beneficial owners of companies and trusts would allow governments and civil society in developing countries to identify those profiting from tax evasion, corruption and sharp commercial practices, hold them to account and also deter such practices from ever happening.

This motion has been signed by a total of 27 MPs.