Timothy Douglas, Head of Policy and Campiagns for UK estate agent trade body Propertymark comments on the Economic Crime Bill which has received Royal Assent and mandates a register of overseas entities and beneficial owners of real property assets.
The housing market cannot maintain integrity until it is possible to know who the ultimate owner of a property is.
The register will help to do this and strengthen existing checks carried out by agents, but only when information on the Register can be verified which will require further legislation to provide extra powers for Companies House.
The legislation is four years too late, and whilst the issue is finally being addressed, it seems the real benefits will come in the second economic crime Bill.
