Continuing on from our previous commentary on the Economic Crime (Transparency and Enforcement) Act (the ‘Act’), the new Register of Overseas Entities introduced by the Act (the ‘Register’) is now expected to be brought into effect on 1 August 2022. We must all be prepared for this new regime.
From the 1st August, overseas entities that own or wish to acquire land in the UK will have to register information about that overseas entity with Companies House, including disclosing information about the ultimate beneficial owners of that entity. Failure to comply with the registration requirements will not only adversely affect Real Estate transactions, but may even result in both criminal and financial penalties.
To learn more about the launch of the register, the verification process and next steps read the full article at reedsmith.com.