Posts Tagged ‘overseas’

Transparency and Overseas Beneficiaries

In April 2017 the UK government began a Consultation calling for evidence regarding the planned new register of beneficial ownership information for overseas legal entities. This is part of a broader push on transparency of ownership and follows the 2016 establishment of a central register of people that have significant control of UK companies (PSC Register). The planned new register is intended to be broader than the PSC Register and will require the registration of (a) new purchases of, or acquisitions of long leasehold interests in, UK property; or (b) any sale, long lease or mortgage of UK property already owned by an overseas entity. As with the PSC the intent is to make the job of enforcement agencies easier and to discourage criminals and the corrupt from choosing to hide or launder their money in the UK.

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