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COP29 Outcomes
COP29 came to a close in the early hours of Sunday 24 November (35 hours into overtime) with some fraught, last-minute negotiations to finalise the key texts.
Global | Publication | August 2018
The government published a long-heralded draft Registration of Overseas Entities Bill on July 23, 2018.
The purpose of the Bill is to “prevent and combat the use of land in the UK for money laundering purposes by increasing the transparency of beneficial ownership information relating to overseas entities that own land in the UK”. It seeks to achieve this by establishing a new register of the beneficial owners and controllers of such entities – the first of its kind. The new register will be held by Companies House and the current intention is that it will go live by 2021.
In broad terms the Bill provides that
Comments on the draft Bill are invited by September 17, 2018 but it is unlikely that the fundamentals will change. Overseas entities need to be aware that compliance may be onerous, not to say time-consuming, particularly for those with sophisticated ownership structures. There will also be additional levels of due diligence for those proposing to enter into a land transaction with an overseas entity.
Publication
COP29 came to a close in the early hours of Sunday 24 November (35 hours into overtime) with some fraught, last-minute negotiations to finalise the key texts.
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In a move that mirrors similar measures by the United States, the Government of Canada has imposed surtaxes on electric vehicles (EV), aluminum and steel from China.
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Accountants and financial advisors should be aware that courts may consider them more than mere agents for their clients. Like lawyers, they may be liable in contribution and indemnity for the professional advice they provide.
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