British Officials to Ask Parliament to Approve Centralized Database of Corporate Owners

By Brian Monroe

British officials are set to propose legislation that would require private corporations and limited liability partnerships to publicly disclose their individual owners, a U.K. minister said Monday. In a discussion paper published in July, the nation's Department for Business Innovation & Skills called on lawmakers to mandate that companies disclose the identities of their beneficial owners in a centralized database. A comment period on whether such a database should be public and how business owners and bearer share holders could disclose their identities ended Monday. In a statement, the department's Secretary of State Vince Cable said he would propose recommendations...