LONDON — Britain vowed to ramp up its targeting of Russian dirty money Monday as it unveiled long-awaited economic crime legislation.
The proposed law — the Economic Crime (Transparency and Enforcement) Bill — will pave the way for a “register of overseas entities” identifying foreign owners of U.K. property, the Home Office said.
Selling restrictions will be imposed on those who do not comply, and people found breaking the disclosure rules could face up to five years in prison.
British Prime Minister Boris Johnson made clear that the proposals, long pushed for by U.K. lawmakers and transparency campaigners, are explicitly aimed at supporters of the Russian government in the wake of its invasion of Ukraine. Britain, and in particular its major financial hub the City of London, has long been criticized as a relatively safe haven for illicit finance.
Johnson said in a statement accompanying the announcement that the bill would mean President Vladimir Putin’s backers would have “nowhere to hide your ill-gotten gains.”
“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,” he added.
The proposed register will apply retrospectively to property bought by people based overseas up to 20 years ago in England and Wales, and since December 2014 in Scotland.
The U.K. government will also bring properties held by trusts into the scope of the existing system of so-called Unexplained Wealth Orders, which, if held up in court, allow British authorities to force disclosure of sources of wealth and potentially seize assets.
The definition of an asset holder will be expanded to stop individuals hiding behind shell companies and foundations, the U.K. government promised.
Law enforcement will also be given more time to review material when investigating unexplained wealth, and cost rules will be reformed to prevent investigators running up substantial legal costs even if they are unsuccessful in these cases.
As Western powers hit Russia with a host of sanctions, the U.K. Treasury is also promising to "intensify" its system of sanctions enforcement.
The government is also promising detail on plans to require anyone setting up, running, owning or controlling a company in the U.K. to verify their identity with Companies House, which will be given new powers to challenge information. The changes will be introduced in an additional Economic Crime Bill.
Labour’s Shadow Chancellor Rachel Reeves said the opposition party had repeatedly called for the measures, and promised to support the legislation.
She said the government should enact the new laws “in their strongest form to tackle dirty money once and for all.”
Labour urged the government to “also work with European countries on a wider sanctuary arrangement so the U.K. can also do its bit alongside others to help Ukraine."
Johnson announced on Sunday that anyone settled in the U.K. will be able to bring immediate family members to join them from Ukraine, a move he said would benefit "many thousands of people."
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2022-02-28 00:57:48Z
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