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This Act is part of a series of proposed powers to combat illicit finance and reduce economic crime. While the Act is necessary to impose sanctions as part of a wider set of actions the UK has taken against Russia, measures set out in the Act aim to tackle economic crime from all overseas entities.
The Economic Crime (Transparency and Enforcement) Act will create a register upon which all foreign owners of UK property must declare their true beneficial ownership and verify their identity with Companies House. Those who do not declare their beneficial owner will be subject to restrictions on the sale of property and may face up to five years in prison.
The Scottish Government is introducing a new Register of Persons Holding a Controlled Interest (RCI) in land on 1 April 2022 which is part of their commitment to improve transparency and will be free to access.
By keeping money ring-fenced from other business activities agents can use a client account for the sole purpose of handling and distributing deposits, rents, and fees and client accounts come in a few guises – designated or pooled/undesignated.