Government hopes register will stop 'dirty money' in property
The British Property Federation said the register would have a "dissuasive effect on those who were intending to buy UK property with illicit funds", while Alice Dockar, real estate partner at solicitor Freeths, said the regulations were "very stringent" and welcomed the transpar...
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| Published in: | Investors Chronicle 2022-08, p.11 |
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| Main Author: | |
| Format: | Article |
| Language: | eng |
| Subjects: | |
| Online Access: | Get full text |
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| Summary: | The British Property Federation said the register would have a "dissuasive effect on those who were intending to buy UK property with illicit funds", while Alice Dockar, real estate partner at solicitor Freeths, said the regulations were "very stringent" and welcomed the transparency they would bring to the market. Under the new system, any company registered as owning property according to the UK Land Registry must reveal their ultimate owner on the Companies House registry, making all of this information publicly available for the first time. Giving Companies House and law enforcement the resources needed to make these rules stick will be crucial to its effectiveness," he said. |
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| ISSN: | 0261-3115 |