Bloomberg quotes Piers Master on the Register of Overseas Entities Bill
January 31 saw the deadline for registration on the UK’s new Register of Overseas Entities, a publicly accessible register showing details of individuals who own or have control of overseas-incorporated companies that hold UK land.
An estimated 12,930 out of a total of 32,440 registered overseas organisations are yet to declare their beneficial owners, according to the Department for Business, Energy & Industrial Strategy.
For more insight on the Register of Overseas Entities from Piers Master, Partner, and Jack Carter, Associate, please click here.
Piers Master comments for Bloomberg on the catalyst for the register and what is likely to happen to entities that fail to meet the deadline.
“The catalyst for it was Ukraine - it suddenly got the political traction it had been lacking for the past several years.
There’s a lot of speculation about what’s going to happen to entities that fail to meet the deadline. If they’ve made an attempt to comply, we hope the UK is going to be lenient on them.”
Read the full article in Bloomberg here.