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 levy was announced in the Budget 2020 and the Economic Crime (Anti-Money Laundering) Levy Regulations 2022 were published on 11 March 2022. The Regulations came into force on 1 April 2022.
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.
Propertymark has been instrumental in the development of the digital identity trust scheme, MyIdentity, which has moved into the Financial Conduct Authority (FCA) sandbox environment, which allows for controlled live testing.
The new Economic Crime (Transparency and Enforcement) Act received Royal Assent today, 15 March, following an expedited passage through Parliament.
The Economic and International Affairs Scrutiny Panel of the States of Jersey Assembly (the parliament of Jersey) has published a report recommending the introduction of regulation of estate agents.
Propertymark’s Compliance Team carried out 1,762 checks on member agents’ websites in 2021 to raise the industry standards and help members be compliant and avoid enforcement penalties.
Propertymark has outlined key points that should be included in the Bill as it reaches its final stage in the House of Commons. MPs should be fully aware of the conditions allowing foreign companies to buy property in the UK without having a presence in the country.
The UK Government has accelerated a bill designed to prevent the laundering of ‘dirty money’ in the UK’s housing markets by introducing a register of overseas entities that highlights the owners of international companies that own properties and land in the UK.
Plans have been announced to introduce a new levy in order to raise £100 million per year from the anti-money laundering regulated sector to help fund reforms outlined in the 2019 Economic Crime Plan.
Estate agents, letting agents and auctioneers were among those called upon to help improve the overall effectiveness of the UK’s anti-money laundering (AML) regulatory and supervisory regime.
The new strategy announced by the Scottish Government requires over a million homes and the equivalent of 50,000 non-domestic buildings to convert to zero emissions by 2030.
Propertymark has long supported proposals for a system that highlights ownership and control of overseas companies and other legal entities as well as ones within the UK.
Propertymark is working with Etive and other industry stakeholders on a project to develop a digital identity trust scheme for the home buying and selling sector.