By UK to fast-track new law to tackle ‘dirty’ Russian money
The UK is fast-tracking legislation to target money-laundering by foreign oligarchs following Russia’s decision to invade Ukraine.
Foreign property owners will have to declare their identities rather than using companies as a façade in a bid to stop overseas criminals and oligarchs from using agents to create companies or buy property for them in the UK.
This follows the economic sanctions announced by Prime Minister Boris Johnson on Tuesday which targeted major Russian banks and leaders.
Mr Johnson said that there is “no place for dirty money” in the UK.
“We are going faster and harder to tear back the façade that those supporting Putin’s campaign of destruction have been hiding behind for so long.”
“Those backing Putin have been put on notice: there will be nowhere to hide your ill-gotten gains,” Mr Johnson added.
The government said the legislation will support the National Crime Agency work in targeting corruption.
The Economic Crime Bill will include a new register that will mean foreign owners of UK property must declare and verify their identities with Companies House.
Companies that refuse to declare their owners will face restrictions in selling property and those who break the rule could be imprisoned for up to five years.
The register also applies to property bought by overseas owners up to 20 years ago in England and Wales and from December 2014 for property in Scotland.
Transparency International, an anti-corruption organisation, has identified at least £1.5bn of UK property owned by Russians accused of financial crime or with links to the Kremlin.
As part of the latest round of sanctions, Mr Johnson said the government will also limit the amount of money Russian nationals will be able to deposit in their UK bank account.
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