July 2018 - UK - beneficial ownership of Real Estate
July 2018 - UK - Real Estate owned by non UK parties - Offshore owners of British property will be forced to reveal their true identities or face jail sentences and unlimited fines, if proposed new laws are enacted. The propsoed new law follows years of scandals involving the acquisition of high-value UK property by offshore companies, and concerns that a lack of regulation was allowing corrupt money into the housing market. The UK National Crime Agency said three years ago that overseas criminal gangs were using British property transactions to launder billions of GB pounds in corrupt funds. Tighter anti money laundering regulatiosn that are already in force require beneficial ownership of companies and trusts to be identified an ddisclosed to lawyers acting in transactions.