UK PROPERTY AML LEGISLATION LOOPHOLES ‘MUST BE ADDRESSED’, SAYS JOINT COMMITTEE

Accountancy Today on 20th May reported that the Joint Committee on the draft Registration of Overseas Entities Bill has issued a pre-legislative scrutiny report saying that loopholes in the new draft legislation against money laundering through the UK property market “need to be addressed”.  It calls for its concerns to be rectified to ensure that the legislation “successfully deters money laundering in the UK property market”.  The article mentions 5 areas of concern of the Committee, including enforcement, trusts, exemptions and out of date information.

https://www.accountancytoday.co.uk/2019/05/20/aml-legislation-loopholes-must-be-addressed-says-joint-committee/

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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