The move is part of economic sanctions in response to the Russian invasion of Ukraine.
The aim is to stop overseas criminals from using agents to create companies or buy property for them in the UK
Foreign companies that refuse to disclose their true owner could face fines of up to £2,500 per day or up to five years in prison.Foreign organisations who already own land in the UK will have a six month period to register their beneficial owners or managing officers. The bill proposes that anyone setting up, running, owning or controlling a company in the UK to verify their identity with Companies House, a government agency, as well as giving Companies House the power to challenge suspicious information.
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