Featured News

Categories: International

UK Proposal for Public Foreign Ownership Register

According to an article in natlawreview.com, the UK Department for Business, Energy & Industrial Strategy has put forward a proposal for a public register showing beneficial ownership of foreign entities or companies that buy or who already own property in the UK.

This proposal is in response to recent pressure on the government to increase transparency and to prevent corrupt activities such as money laundering. A foreign ownership register could help to reduce the availability of property used for money laundering purposes and other corrupt purposes by offshore companies. Each year, it is estimated that around £100 billion goes through the UK for money laundering purposes. The UK receives more direct investment from foreign entities than any other country in Europe.  This makes it particularly vulnerable to money laundering so this proposal is important and is a major element in the UK government’s anti-corruption strategy.

The proposal for this register is just one of a number of new developments in the country which are aimed at increasing transparency and reducing financial crime. It will closely follow many parts of the PSC register which was introduced in April last year and which helps to identify and publicize the interests of people who ultimately control or own a UK company and to deter those shielding interests. This requires a register to be maintained showing people who own or control the company and which must be filed with Companies House where it becomes part of the public record.

This proposal for a foreign ownership register in the UK follows a similar scheme in the United States which aimed to make it more difficult for people to use shell companies for illegal activities. In 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network targeted New York City and Miami, issuing orders requiring title insurance companies to report the identities of people making all-cash purchases of high-end, residential real estate through shell companies.  Since then the requirement has been expanded to other major real estate markets including San Francisco, Los Angeles, San Antonio and San Diego.

Allison Halliday

Allison Halliday is a Realty Biz News contributing writer. She handles International Real Estate and is a seasoned blogger.

Recent Posts

10 Ways to Ensure You Get the Best Interest Rates on Home Loans

Imagine stepping through the threshold of your dream home, feeling the warmth and comfort that…

1 hour ago

What Happens if There Are Problems Before Closing

What to Know About Final Walk-Through Problems There are many steps to successfully closing on…

16 hours ago

Top 25 Innovative Ways to Market Home for Sale

Marketing a home involves a strategic approach to attract potential buyers and highlight the unique…

1 day ago

Mastering the Art: How Real Estate Agents Should Write Facebook Ad Copy

In the digital age, social media platforms have become powerful tools for real estate agents…

1 day ago

Mastering Digital Marketing - How to Grow Your Business Online

Having a solid digital marketing strategy is essential if you want to succeed as a…

1 day ago

5 Packing Tips for Smooth Move

Moving can be a time-consuming process, but it doesn't need to be stressful. We have…

2 days ago