LONDON – The United Kingdom’s House of Commons today passed new legislation to crack down on money laundering and streamline the process of imposing sanctions on Russia to punish Moscow for its invasion of Ukraine.
The bill has been rushed through all stages of traditional passage in the Commons today and will be scrutinized in the House of Commons on March 14, with the aim of finalizing the legislation the same day. This will open the door for the government to sanction many other individuals linked to the Kremlin on March 15, British Foreign Secretary Liz Truss told a parliamentary committee.
Speaking during the second reading of the bill, UK Home Secretary Priti Patel accused Russian President Vladimir Putin of being a “gangster” whose regime was “strengthened by a group of oligarchs and oligarchs”. tyrants abused the financial system and the rule of law. Long.”
The long-delayed act, promised by the ruling Conservative Party six years ago, gives the government extra powers to identify and investigate illegal wealth and provides for the creation of a register New property to prevent financiers from laundering money by buying houses and other property in the UK
A foreign company wishing to own property in the UK will be required to identify its beneficial owners and register them with the Companies agency. Failure to comply with these new obligations or providing false information will result in criminal or civil sanctions, in England and Wales including prison sentences of up to five years or fines.
The government rejects all amendments submitted by the opposition, including one calling for a report on funding by enforcement agencies related to reforms to the unexplained wealth order. .
However, cross-party MPs have also called for better protections for whistleblowers and the right to confiscate assets rather than just freezing them.
Want more analysis from POLITICO? POLITICO Pro is our premium smart service for professionals. From financial services to commerce, technology, cybersecurity and more, Pro delivers real-time insights, deep insights, and the disruptive solutions you need to stay ahead. one step. Email [email protected] to request a free trial.
https://www.politico.eu/article/uk-legislation-russia-dirty-money-house-of-commons/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication UK law targeting Russian dirty money wipes out House - POLITICO