Law360, London (May 20, 2019, 1:02 AM BST) -- Flaws in legislation designed to break the secrecy surrounding the foreign ownership of British property could "jeopardize its effectiveness," a parliamentary committee warned Monday, unless the government tables a series of reforms.
The Joint Committee on the Draft Registration of Overseas Entities has been reviewing legislation proposed in July that will require foreign entities dealing in U.K. land to publicly register their beneficial ownership information — the details of who really owns and controls them — with Companies House.
The draft law is touted as being a much-needed tool to tackle money laundering and corruption in the U.K. property market. According to...
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