The UK has taken a leading role in the fight against money laundering and this world-leading register, which will go live by 2021, will reduce opportunities for criminals to hide.
UK will be introducing the world’s first public register which will expose the ultimate owners of overseas shell companies, giving authorities the information, they need to come down on criminals who launder their dirty money through the UK’s property market and to seize the proceeds of crime.
Under the new draft laws
- Foreign companies owning UK properties will have to reveal their ultimate owners on the world’s first public register.
- 5 years in jail for criminals who illegally profit from owning British property
- A ban on any foreign entity selling or leasing property without first publicly declaring its beneficial owner; an individual found to have committed this offence could face up to 5 years in jail and an unlimited fine
- Individuals who fail to register overseas entities when instructed face up two years in jail and an unlimited fine
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.
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