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Thu 26 Jul 2018

Parliament introduces new measures to tackle money laundering

Parliament introduces new measures to tackle money laundering


In new draft laws laid in Parliament on Monday 23 July,  foreign companies that own UK property  are going to be required to reveal their ultimate beneficial owners on a world public Register .

Intended as a move against criminals laundering money in the UK , this is the first time such a Register has ever existed, and should make it easier for law enforcement agencies to find and seize criminal funds.

The Register which is planned to go live by 2021, is proposed to include the following terms:

  • failure to register overseas entities when instructed  -  up 2  years  jail and an unlimited fine
  • providing false information to deceive the Register  -  up to 2 years  jail and an unlimited fine
  • a prohibition  on a foreign entity selling or leasing property without first declaring its beneficial owner - the penalty of a breach being up to 5 years in jail and an unlimited fine. 
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