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UK brings in ownership register for property held by foreign companies

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LONDON (Reuters) – The British government said on Monday it would require foreign companies holding British assets to identify their true owners in official registers. The government announced Monday as part of a crackdown on Russian oligarchs and corrupt elites laundering illicit wealth.

The Register of Foreign Entities, which takes effect from Monday, is part of a broader economic crimes law enacted this year to stop the flow of illegal Russian cash to London following Moscow’s invasion of Ukraine. be.

The business ministry said in a statement that criminals cannot hide behind the secret chains of paper companies and supports the government’s efforts to root out Russian oligarchs who use British property to hide dirty money. I am aiming to

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Deputy Business Minister Martin Callanan said: “We need to know who owns what to ensure we are free from corrupt elites with questionable wealth.”

“We will start by cracking down on criminals who are trying to hide their illicit wealth.”

Foreign companies that already own land in the UK that is within the scope of registration have six months to comply by identifying beneficial owners in the company’s homes.

The register applies to property purchased after January 1999 in England and Wales and December 2014 in Scotland.

Those who do not follow the new rules could face sanctions including fines of up to £2,500 ($3,043) per day or five years’ imprisonment.

The register has been described as a key provision of the Economic Crimes Act, with Transparency International officials calling the measure a “tectonic shift” in March to expose foreign property ownership. to force read more

I wish the government would do more to make it harder for those close to Russian President Vladimir Putin to launder their dirty money through the London estate long called ‘Londongrad’. The law was introduced in March because of demand.

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Reporting by Sachin Ravikumar, Editing by William McLean

Our criteria: Thomson Reuters Trust Principles.

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