Following the passing of the Economic Crime (Transparency and Enforcement) Act 2022 implemented in the wake of the Russian invasion of Ukraine, the government has introduced a new anti-money laundering measure designed to tackle the opaque nature of foreign ownership in the UK property market.
1% of all UK residential property is now in foreign ownership, a figure that has tripled since 2010.
In this latest podcast David Opie is joined by Executive Chairman of Armalytix Mike Ward to discuss what the Register of Overseas Entities (ROE) is, and what the implications are for conveyancing firms.
This timely discussion, with the legislation coming into effect from 1st August 2022, is a must listen for all conveyancers as regardless of their own client base, there is a chance in the not too distant future of chains involving overseas entities breaking down because the foreign entities are unable to submit their registration to Companies House.
The Today's Conveyancer podcast is available on your preferred podcast provider, and at www.todaysconveyancer.co.uk