Jurisdictional Updates 5-9-2022

Jurisdictional Updates 5-9-2022

United Kingdom – Economic Crime (Transparency and Enforcement) Bill Becomes Law

The Economic Crime (Transparency and Enforcement) Bill received royal assent 15 March and became law. A new Register of Overseas Entities will be created and held by Companies House.  The new register will require overseas entities that own UK land to declare their beneficial owners or managing officers. Overseas entities will not be able to buy, sell, transfer or lease land, or create a charge against the land in the UK without registration with Companies House. Overseas entities who already own land in the UK will be given 6 months to register their beneficial owners or managing officers. This 6 month period will not begin until the new register has been launched. Any new purchasers will need to register with Companies House from the day the register comes into effect. More information is available at Fact sheet: The Register of Overseas Entities (web accessible) – GOV.UK (www.gov.uk)