Industry welcomes crackdown on dirty money in UK property
New register launched ‘at breakneck speed’ should ‘help to lift the veil of secrecy’ over true owners of land.
The Register of Overseas Entities was introduced by government on Monday. Business minister Lord Callanan said it had been launched ‘at breakneck speed’ and would ‘lift the curtain and crack down on those criminals attempting to hide their illicitly obtained wealth’. From this week, any foreign organisation wishing to buy UK property will have to identify its beneficial owner, while many overseas entities that already own land will have six months to disclose this information.
In an article for Property Weekly Marilyn McKeever, partner in BDB Pitmans’ Private Wealth team, comments on the crackdown on dirty money in UK property.
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