The UK has enacted the Economic Crime (Transparency and Enforcement) Act 2022, which received royal assent on 15 March 2022. Among other things, the legislation provides for the creation of a new Register of Overseas Entities, requiring beneficial owners of foreign companies that own UK property to reveal their identities. According to a government release on the legislation, entities that refuse to reveal their beneficial owner(s) will face tough restrictions on selling property, and those who break the rules could face a fine of up to GBP 2,500 per day or up to 5 years in prison. Companies House will begin work to implement the register as quickly as possible. Any foreign company selling properties between 28 February 2022 and the full implementation of the register will also be required to submit their details at the point of sale.