Register of Overseas Entities (ROE)

Are you aware of the Register of Overseas Entities (ROE) and what it means for Conveyancers?

Effective since 1st August 2022, overseas entities are required to provide greater transparency over their beneficial ownership to aid efforts to crack down on money laundering.

The Register of Overseas Entities is part of the Economic Crime (Transparency and Enforcement) Act 2022 implemented in the wake of the Russian invasion of Ukraine.

Mike Ward, Executive Chairman of Armalytix recently talked to Today’s Conveyancer about what ROE’s are and how they impact the conveyancing market.

Some key takeaways include:

  • What has to be done even if a person does not want to sell or buy immediately
  • Will lawyers be approached to become agents and what is the guidance?
  • Is the threshold higher than LSAG guidance?
  • How will it affect PII premiums?
  • What risk does it present even if buyer or seller gets registered as an overseas entity?
  • Why this is as much as residential issue as it is a commercial one
  • Resources for guidance

 

Listen to Podcast