London – DP
Posted: Mon, Feb 28, 2022 – 1:04 PM | Last Updated: Monday, February 28, 2022 – 1:04 pm
In the wake of Russia’s occupation of Ukraine, the British government is stepping up its plans to tackle “dirty money”.
The British news agency PA Media reported that ministers would present a draft economic crime (transparency and enforcement) bill on Tuesday, following a set of sanctions announced by British Prime Minister Boris Johnson last week. It will be submitted after the previous parliamentary session.
If passed, the law would create a new record of foreign companies requiring foreign property owners to declare their true identities, with the aim of ensuring that criminals do not hide behind the secret networks of shell companies.
Those who do not comply with the law will face restrictions on the sale of property, while violators will face up to five years in prison.
The law will be a precursor to property purchased by foreign owners from December 2014 in England and Wales and Scotland 20 years ago.
The law, if passed, strengthens and expands the system of unexplained wealth orders, enabling law enforcement agencies to seize assets without proving that they were acquired through criminal activity.
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