Register of Overseas Entities comes into force in the UK

The UK government now requires foreign companies holding property in the country to record their true owners in an official register.
The UK government states, “The new Register of Overseas Entities is held by Companies House and requires overseas entities that own land or property in the UK to declare their beneficial owners and/or managing officers.”
The news release further states, “There will be severe sanctions for those who do not comply, including restrictions on buying, selling, transferring, leasing or charging their land or property in the UK.”
The new register is expected to flush out corrupt elites laundering money through UK property.
The register came into effect on August 1st.