The new register of overseas entities (ROE) created under the Economic Crime (Transparency and Enforcement) Act 2022 comes into force next Monday (1st August). This will impact you if you are either acting for overseas entities in property transactions or if you are acting for clients who are not overseas entities themselves but buying from, or leasing to, an overseas entity.
Failure to comply is potentially a criminal offence for both the entity and its officers. Technical guidance from the Department for Business, Energy & Industrial Strategy and HM Land Registry is expected in the next few days and the Law Society will also be issuing more comprehensive guidance, including on the verification aspects. For now, the Law Society advise firms acting in property transactions involving overseas entities to read its interim guidance (click here).