Britain expands Russian crackdown on ‘dirty money’ with new law
Britain will step up its crackdown on what Prime Minister Boris Johnson has called ‘dirty money’ as it introduces the government’s Economic Crimes Bill to Parliament on Monday, a step forward in response to the UK invasion. Ukraine by Russia. The much-delayed legislation comes as many opposition and ruling Conservative Party lawmakers have called on Johnson’s government to do more to stop the flow of Russian money into London, dubbed by some “Londongrad”.
“There is no place for dirty money in the UK. We are moving faster and faster to tear down the facade behind which those who support[Russian President Vladimir]Putin’s campaign to destroy have been hiding for so long. a long time,” Johnson said. “Those who support Putin have been warned: there will be nowhere to hide your ill-gotten gains,” he said in a statement.
Past measures have done little to deter many Russian oligarchs from using London as a Western capital of choice to spend large sums on real estate, education and luxury goods. The government said the new bill would help the National Crime Agency stop foreign owners laundering their money into UK property and ensure more ‘corrupt oligarchs’ could be given an unexplained wealth order (UWO).
These orders, introduced in 2018 to help authorities target the illicit wealth of foreign officials suspected of corruption and those implicated in serious crimes, have rarely been used due to often high legal costs. New laws will introduce a register of foreign entities, requiring anonymous foreign owners of property in Britain to reveal their true identity.
Entities that fail to declare their beneficial owner will face restrictions on selling their assets and those who break the rules could face up to five years in prison, the government said. UWOs will also be reformed to prevent people from hiding behind shell companies, give law enforcement more time to review documents, and protect them from substantial legal fees if cases fail.
The legislation includes a decision allowing the Foreign Entity Register to apply retrospectively to property purchased by foreign owners up to 20 years ago in England and Wales and since December 2014 in Scotland, he said. added.
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