The Draft Registration of Overseas Entities Bill - An Overview
Tom Beak, Associate in our Real Estate & Construction team, has been quoted in the press in relation to the Joint Committee report on the Draft Registration of Overseas Entities Bill.
Tom has been quoted in:
In his full comment, Tom provides:
"The Bill is undoubtedly a positive step towards lifting the corporate veil and increasing the transparency of ownership in the UK property market.
Whilst the recommendations strengthen the Bill and provide greater insight into how it would work in practice, the Bill is unlikely to make it impossible to launder money (just much harder).
Reliance on the implementation of EU directive and concerns regarding the enforcement of sanctions, suggest that the Bill is not perfect. But whilst the window of opportunity remains open to launderers, allowing them to restructure or dispose of properties in the meantime, it may be time to put this legislation to the test.
In any event, it seems inevitable that the Bill's effectiveness will rely on the enhanced due diligence of acting solicitors to ensure that proposed buyers or sellers are appropriately registered.”
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