New legislation to tackle Ukraine’s “dirty money” has been swiftly tracked through parliament to target Russian oligarchs over the invasion of Ukraine.
The Royal assent was granted under the Economic Crimes (Transparency and Enforcement) Act as the Capitol sat past midnight to ensure legislation.
The British government is now expected to announce further sanctions in response to Russia’s attack on Ukraine.
The law is set to establish a new registration of foreign entities that require foreign owners of UK real estate to declare their true identities.
The register must be updated annually, and penalties for failing to declare details or submitting false information will freeze the asset and prevent it from being sold or rented.
The passage of law through parliament is by the Lord’s ministers, including the government, which agrees to a call by the opposition to abolish the exemption from foreign ownership of property registration aimed at combating illegal cash laundering. I was helped by that concession.
Ministers also promised to promptly implement legal measures and provide Congress with up-to-date information on progress within six weeks.
The administration has submitted further bills to tackle economic crime early in the next parliamentary session and promised to carefully consider the proposed amendments.
The law passes the lord without voting and declares their true identity to foreign owners of British real estate, despite concerns about the length of time given to comply with the new registration. I requested that.
The government has reduced the grace period from 18 months to 6 months, but critics argued that this was still too long and called for a further reduction.
However, Sir Caranan, Minister of Business, argues that shortening the transition period risks opening the registration to legal opposition, instead to prevent the property from flying before the new rules are introduced. Proposed new disclosure requirements for.
This will force foreign entities that dispose of their assets after February 28, this year, to provide information about their effective owners.
Sir Caranan said:
“This is more effective than further shortening the transition period, and my submission is that there is a risk of opening the register provisions against legal objections.”
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