Lawyer Monthly - November 2022

28 LAWYERMONTHLYNOVEMBER 2022 Special Feature The Register of Overseas Entities (the “Register”) has been introduced by the UK government as a strategic way to fight economic crime, with the additional goal of ensuring that legitimate businesses continue to consider the UK as an ideal jurisdiction in which to invest. Although the introduction of the Register has been on the radar for some time, it seemingly gained importance earlier this year and was fast-tracked through UK Parliament. In this article, Iryna Vale of TMF UK explains what the Register is and what overseas entities need to do if they are in scope. Under the new rules, anonymous foreign owners will have to reveal their identity and records will be required to be updated on an annual basis. The Register of Overseas Entities: HowDoes It Affect Your Firm?

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