A mini-blog, on an issue that largely speaks for itself.
Part 3 of the Land Reform (Scotland) Act 2016 has rules about transparency of landownership. These went through several turns of consultation and drafting, to leave us with:
- Section 39 (headed “Information about persons with controlling interests in owners and tenants of land”), which provides that there “must” be regulations made relating to who controls landowning entities, with a (new) related register for this; and
- Section 43 (headed “Power of Keeper to request or require information relating to proprietors of land etc.”), which provides a power and a discretion to create regulations allowing for the Keeper of the Registers of Scotland to request information about landowners and then publicise that information in the existing Land Register.
Today, the BBC reports the following:
Foreign firms that own property in the UK will have to declare their assets publicly in a bid to stamp out money-laundering, the government says.
Companies will have to be on a new register if they hold property or want to compete for government contracts.
The statement from the Prime Minister makes clear the plan “will include companies who already own property in the UK, not just those wishing to buy.”
What are the odds of Scotland’s much lauded new transparency measures being overtaken by the UK Government’s just announced measures? The race is on.