Government announces Legislation to tackle Economic Crime following Russia’s invasion of Ukraine.
GOVERNMENT NEWS
Following the commitments announced by the Prime Minister last week, the government has brought forward the Economic Crime (Transparency and Enforcement) Bill in light of Russia’s invasion of Ukraine. The new legislation will help the National Crime Agency prevent foreign owners from laundering their money in UK property and ensure more corrupt oligarchs can be handed an Unexplained Wealth Order (UWO).
The new register will require anonymous foreign owners of UK property to reveal their real identities to ensure criminals cannot hide behind secretive chains of shell companies, setting a new global standard for transparency. Entities who do not declare their ‘beneficial owner’ will face restrictions over selling their property, and those who break the rules could face up to 5 years in prison.
Under the reforms being brought in on UWOs, those who hold property in the UK in a trust will be brought within scope and the definition of an asset’s ‘holder’ will also be expanded to ensure individuals can’t hide behind opaque shell companies and foundations.
Landmark Domestic Abuse Bill receives Royal Assent
Domestic Violence has always been a serious and emotive topic, yet since March 2020 and the first Lockdown in the UK, reports of violence in the home increased by 1000%. Victims were literally locked in with their abusers with no where to go, no possible escape. Our Advice Line deals with many different issues which relate predominantly to Landlord, Tenant lettings related matters, yet there have been “topics” which have become more and more prevalent - death of a landlord or tenant, mental health issues and of course, domestic violence within rented properties. It is the letting agent and / or property manager that is often faced with dealing with such matters - none of which are very straightforward or easy to navigate.
However, it is Domestic Violence that has come to the fore over the last 13 months, therefore the fact that The Domestic Abuse Act will provide further protections to the millions of people who experience domestic abuse and strengthen measures to tackle perpetrators, is a milestone.
The Importance of Law - an 18 Year Old’s Bird’s Eye View
It is clear to everyone how important the Law is throughout our the whole of our lives, however, when you are young you don’t realise how just much it really does impact your life. Turning 18 is a pivotal point in your life you gain so much freedom but along with that freedom comes responsibility.
When you’re a teenager who is restricted because your Mum or Dad say ‘No, you can’t go there or you can’t do that, until you’re 18’. We question, we challenge and often we don’t really understand why we are so limited.
And then you turn 18 and everything changes because so many doors that open - the freedom to go out late (or not - consider Lockdown), buy alcohol, get a tattoo, without that restriction from your parents.
Great! Freedom, but on the other hand, you are now classified as an adult in the eyes of the Law and therefore, now responsible for your own actions. This means acting appropriately and responsibly, there are expectations as you can no longer say that you are a child. You have to be accountable for yourself and even sometimes others.
Prepare for Spring 2021
Our free Webinar on 3rd February 2021 will focus on some key changes for Letting Agents and Landlords, as well as some updates in relation to electrical safety, CMP and EPCs.
Register online at - guildofletting.com