LONDON: Pakistan’s Sharif family seems to be in trouble over their overseasproperties in Britain as the British government has passed a legislation“Registration of Overseas Entities Bill UK” which would require foreigncompanies owning UK properties to reveal their real owners.
This legislation passed on the 23rd of July sees the enactment of theworld’s first register of overseas entities’ beneficial ownership andcomprises of a wide-ranging crackdown on criminals laundering their illicitwealth in the UK.
Consequently, this bill would make it easier for UK’s law enforcementagencies (LEAs) to seize criminal funds, whilst reducing chances for suchelements to hide their ill-gotten wealth.
According to the legislation, individuals illegally profiting fromproperties they own in the UK would be jailed for five years.
And new data disclosed that around 75 percent of the UK’s property industryconcurred the new register would lead to a rise in transparency anddecrease chances for illegal activity.
The penalties include a ban on any foreign entity selling or leasingproperty without first publicly declaring its beneficial owner; anindividual found to have committed this offence could face up to 5 years injail and an unlimited fine.
And individuals who fail to register overseas entities when instructed faceup two years in jail and an unlimited fine.
Also, people who knowingly try and deceive the register by providing falseinformation face up 2 years in jail and an unlimited fine.
This means it would make it more difficult for Pakistani’s or any otherforeign citizens to invest or launder their ill-gotten wealth in the UK.
UK’s business minister Richard Harrington commented: “The UK is knownaround the world for its open and dependable business environment and thisreputation is maintained by keeping under review our required highstandards.”