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Europe steps up its fight against fraud
European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
Global | Publication | August 2018
The government published a long-heralded draft Registration of Overseas Entities Bill on July 23, 2018.
The purpose of the Bill is to “prevent and combat the use of land in the UK for money laundering purposes by increasing the transparency of beneficial ownership information relating to overseas entities that own land in the UK”. It seeks to achieve this by establishing a new register of the beneficial owners and controllers of such entities – the first of its kind. The new register will be held by Companies House and the current intention is that it will go live by 2021.
In broad terms the Bill provides that
Comments on the draft Bill are invited by September 17, 2018 but it is unlikely that the fundamentals will change. Overseas entities need to be aware that compliance may be onerous, not to say time-consuming, particularly for those with sophisticated ownership structures. There will also be additional levels of due diligence for those proposing to enter into a land transaction with an overseas entity.
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European watchdogs have long been focusing on enforcement against corporate crime with a great focus on anti-corruption, economic sanctions and money laundering.
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The Digital Markets, Competition and Consumers Act (DMCC Act) received Royal Assent on 24 May 2024 and is generally expected to come into force in autumn this year.
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Head of Legal Operations, Stephanie Hamon, will be joining the panel discussion on "Simplifying Legal Tech Adoption and Implementation" at the Legal Tech Talk conference on June 13th (3:30 - 4:15 PM).
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