Company ownership to be made public
Vince Cable announced that companies will be forced to reveal their true owners on a public register.
Under the proposed rules, shareholders with more than a 25% stake in a UK-registered company will have to provide personal details such as their name, nationality and date of birth for a register to be held by Companies House.
Additionally, the government will outlaw bearer shares, which it says allow investors to hide their identity and to transfer control untraceably. The proposal would require anyone owning bearer shares to replace them with registered shares.
The measures are intended to help authorities crack down on tax evasion and money laundering and to improve the investment climate in the UK.
Date: 12th May, 2014
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