‘There will be nowhere to hide’: Government fast-tracks Economic Crime Bill & register of overseas property owners
"Time is up for Putin's cronies hiding dirty money in the UK and this new legislation will help to crack down on economic crime, including removing key barriers to using Unexplained Wealth Orders," says Home Secretary Priti Patel.
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Register of overseas property owners becomes law as Economic Crime Bill receives Royal Assent
Foreign owners of UK property have six months to comply with new registration documents, as the Economic Crime Bill completes its fast-track passage through parliament.
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"It is necessary to re-introduce some measures to manage the virus," says the Department for Levelling Up, Housing & Communities.
Budget 2021: Property industry reactions
"This Budget could be regarded as a reprieve for the housing industry," says one commentator, while others bemoan an "underwhelming" speech...
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Book Now: Free AML briefing for property pros
Compliance specialists will outline what the latest AML rule changes mean in practice - and how firms should prepare.