Britain’s Prime Minister Boris Johnson said Britain is “strengthening” the package of sanctions against the Kremlin with “new power to move faster into our arsenal.”
Johnson said the change would “increase pressure on criminal elites trying to launder money in British soil” and guarantee “no hiding place”.
That is because the government has been pressured to accelerate disciplinary action against those associated with Russia’s Vladimir Putin administration.
The Ministry of Foreign Affairs said the government’s amendment to the Economic Crimes (Transparency and Enforcement) Bill would “streamline current legislation and sanction individuals so that they can respond more quickly and effectively to the current crisis. I will do it. ” ..
The FCDO said the provisions would allow the UK to more quickly align with individual designations imposed by allies such as the United States, Canada and the EU.
This is achieved by an “emergency designation procedure”.
The change also reduces the time given to foreign owners of UK real estate to declare their true identity as part of the new registration of a foreign entity from 18 months to 6 months. included.
Further amendments will increase criminal penalties for violations from a fine of up to £ 500 ($ 661) per day to a fine of up to £ 2,500 ($ 3,306) per day.
Other sanctions include up to five years’ imprisonment, as required by existing law.
Another change will result in the government issuing an annual report on the use of the Unknown Property Order (UWO).
Data on the use of UWOs have already been published in the Annual Asset Recovery Statistics Bulletin, but when an additional report is submitted to Congress to provide more information than the number of UWOs obtained and their estimates. FCDO says.
Mr Johnson said Britain “paved the way” with a package of sanctions against the Putin administration and is now “strengthening” it with “new power to move faster.”
“It will increase pressure on the criminal elite to try money laundering in British soil and shut down the net of corruption,” he added.
Foreign Minister Liz Truss said the change “will allow people closest to Putin, including oligarchs, to go faster and more difficult.”
“Our message to Putin and his companions was clear from day one. The invasion of Ukraine will have serious and devastating consequences,” she said.
“We are faithful to our words and have introduced the largest and strongest sanctions package in our history, but it doesn’t stop here.
“The changes we are making continue to put pressure on Russia in the face of illegal and unprovoked invasions, allowing us to make people closest to Putin, including oligarchs, faster and more difficult. increase.”
The amendment comes from workers who say that foreign owners of UK real estate will be given significantly less time to declare their true identity in order to “tighten the net with dirty Russian money as soon as possible”. It follows the call of.
Labor said Wednesday that it would like to speed up the process of enacting new registrations for foreign entities by requiring applications within 28 days of the bill being passed.
Shadow Foreign Minister David Lammy said: .. “
According to the FCDO, amendments to the Economic Crime Bill will be expedited at all stages of the Commons on Monday.
The government added that it was looking for a “quick passage” of the lord to get the royal consent as soon as possible.
On Friday morning, Labor leader Sir Keir Starmer urged the government to proceed with sanctions “more quickly.”
During his visit to Birmingham after winning the Labor By-elections, he said: But they need to go even faster. “
Labor Party Chairman Anneliese Dodds also told Sky News that Britain would have to “stop dragging” to crack down on funding from Putin-related people.
But Justice Minister Dominic Raab told the BBC Breakfast that “we weren’t late” about the sanctions.
“We are an avant-garde to take action, and of course, what really matters is to work with our allies, Europe, the United States, and other NATO allies,” he said.