Russian oligarchs in UK face new laws tackling ‘dirty money’
Boris Johnson has said that Russian oligarchs will no longer have a hiding place for their “ill-gotten gains” in the UK under legislation being introduced in parliament this week.
A new register of overseas entities is intended to stop the foreign owners of property in Britain from hiding their identity, and separate measures are expected to give some teeth to the unexplained wealth order mechanism, which until now has proved relatively ineffective.
The new laws will be contained in an economic crime (transparency and enforcement) bill, which has long been called for by campaigners concerned about the UK’s reputation as a haven for dirty money.
Ministers had been accused of dragging their feet over this legislation, but Johnson announced that it would be fast-tracked after the invasion of Ukraine. Some measures, though, are being held back for a further economic crime bill.
“There is no place for dirty money in the UK,” Johnson said. “Those backing [the Russian president, Vladmir] Putin have been put on notice: there will be nowhere to hide your ill-gotten gains.”
His announcement came as the UK government committed £40m in aid to provide vital medical supplies and other help to Ukraine. “The UK will not turn our backs in Ukraine’s hour of need,” said Johnson. “We are providing all the economic and military support we can to help those Ukrainians risking everything to protect their country.”
Transparency campaigners have long complained that oligarchs have been able to park their wealth in UK property, using shell companies and other complicated legal structures to conceal the identity of the real owners.
Under the new legislation, a register of overseas entities will be set up, applying retrospectively to property bought up to
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