In new draft laws laid in Parliament on Monday 23 July, foreign companies that own UK property are going to be required to reveal their ultimate beneficial owners on a world public Register .
Intended as a move against criminals laundering money in the UK , this is the first time such a Register has ever existed, and should make it easier for law enforcement agencies to find and seize criminal funds.
The Register which is planned to go live by 2021, is proposed to include the following terms:
failure to register overseas entities when instructed - up 2 years jail and an unlimited fine
providing false information to deceive the Register - up to 2 years jail and an unlimited fine
a prohibition on a foreign entity selling or leasing property without first declaring its beneficial owner - the penalty of a breach being up to 5 years in jail and an unlimited fine.
