“Broadly speaking, its suggestions are practical and sensible in connection with the broader procedural aspects of the regime, but less so in connection with the substance of how the values of such orders are calculated.”
As of 1 August 2022, beneficial owners of overseas entities that purchase a property in the UK must be identified by a verification agent, regulated under the Money Laundering Regulations. BCL’s John Binns writes for Money Laundering Bulletin discussing the interplay of the new obligations with an existing registration, and whether ineffective implementation could prove counterproductive.
