An Act to set up a register of overseas entities and their beneficial owners and require overseas entities who own land to register in certain circumstances; to make provision about unexplained wealth orders; and to make provision about sanctions.
During the 2022 Russian invasion of Ukraine, British law enforcement agencies and transparency campaigners raised concerns about the property market of the United Kingdom being used by criminal organisations and corrupt individuals to commit financial crimes.[5]
Following its passage through the House of Commons, the bill was formally introduced to the House of Lords on 8 March, and was debated the following day.[9][10] The bill entered committee and received Royal Assent on 14 March.[11][12]
The Act
Register of Overseas Entities
Part 1 of the Act sets up a register of overseas entities, which includes information about their beneficial owners (sections 3 to 32), and which makes provisions designed to compel overseas entities to register if they currently own, or wish to own, land in the United Kingdom (sections 33 and 34).[13]