English Limited Partnerships and Scottish Limited Partnerships have been a widely used structure in the Real Estate Fund Management industry dating back to their creation in 1907. Amid concern that the structures were being misused, the UK Government sought and received evidence in 2017 of apparent abusive use of the Read more…
One has to feel sorry for Estate Agents (did I say that?), not only are they now subject to AML supervision by HMRC, but also subject to GDPR and having to register with the Information Commissioners Office. Unfortunately, leaving the EU under whichever deal, is not likely to lessen the Read more…
I have been asked by a Fund client to advise whether they should raise the bar for due diligence for Saudi investors following the horrific killing of Jamal Khashoggi in Istanbul. My gut feeling was “no” but obviously I needed to undertake some research to substantiate my view. Fortunately, two Read more…
In the UK, HM Treasury (Office of Financial Sanctions Implementation (OFSI)) are charged with enforcing the financial sanctions regimes put in place by the UN, EU and the UK. The purpose of the sanctions regimes is broadly to coerce regimes and individuals into proper standards of behaviour by denying those Read more…
Estate Agents should by now be aware of their obligations under the UK Money Laundering Regulations which came into force in June 2017, not only to undertake due diligence on their clients and customers, but also on counterparties to any relevant sale and purchase. What seems to be surprisingly unknown Read more…
In March 2018, the UK and the EU reached agreement on the terms of an implementation or transitional period following the UK’s withdrawal from the EU. This period is intended to operate from 29 March 2019 until the end of December 2020, when any new arrangements are expected to be Read more…
The EU Insurance Distribution Directive was transposed into UK law on 1 July 2018. Insurance Distribution or Mediation has been a regulated activity since December 2002, which in the UK has prima facie required authorisation by the FCA. For RICS members, this means that insurance related general property management activities Read more…