DRAFT REGISTRATION OF OVERSEAS ENTITIES BILL

UP TO 5 YEARS IN PRISON FOR CRIMINALS WHO USE UK PROPERTY MARKET FOR MONEY LAUNDERING

The Department for Business, Energy and Industrial Strategy published a news release on 23rd July about the draft legislation laid before Parliament on that day, saying that foreign companies owning UK properties will have to reveal their ultimate owners on the world’s first public register, and it says that new public information will make it easier for law enforcement agencies to tackle money laundering while reducing opportunities for criminals to hide.  Under the new draft laws, companies will also be required to provide annual updates to Companies House to ensure the information on the register is up-to-date.

https://www.gov.uk/government/news/up-to-5-years-in-prison-for-criminals-who-use-uk-property-market-for-money-laundering

DRAFT REGISTRATION OF OVERSEAS ENTITIES BILL

https://www.gov.uk/government/consultations/draft-registration-of-overseas-entities-bill?src=ilaw

Consultation closes on 17th September.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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