UK requires registration of ownership to avoid Russia ‘money laundering’

UK requires registration of ownership to avoid money laundering by Russia - Photo 1.

Big Ben Tower in London (UK) – Photo: REUTERS

On August 1, London said it would require foreign companies to register owners of their properties in the UK to prevent Russia’s “money laundering”.

Before the announcement on August 1, the license to register property owners in the United Kingdom had been approved by the UK Parliament from March 2022, when London was warned about money laundering activities by people. close to Russian President Vladimir Putin.

Earlier in 2021, the UK discovered 35 out of 700 companies here were owned by Russian oligarchs.

The UK has vowed to find ways to prevent bad actors from using its assets for improper purposes.

Mr. Martin Callanan, UK Secretary of State for Business, Energy and Industrial Strategy, “The UK is pulling back the curtain and catching the bad guys trying to hide their nefarious activities,” it said.

Theo SCMPLegal entities in the UK will have 6 months to identify and complete a register of foreign property ownership.

The UK property registration license will apply to properties purchased in England and Wales from January 1999 and in Scotland from December 2014. SCMP information.

Also follow SCMPthose who do not comply with the new regulations will be fined up to £2,500 per day (about 70 million VND) or be fined 5 years in prison.

Transparency International says the UK’s foreign property registration license is a major change to prevent the nefarious activities of economic criminals.

Leave a Comment