It’s supposed to make it more difficult Hiding in Great Britain property, especially of foreigners, including criminals and persons wishing to launder illegally obtained money, which is often done by purchasing real estate in London and surrounding areas.
In accordance with the project, a register of foreign entities will be created, in which the actual owners of the land and Real estate in Great Britain Purchased in the past twenty years by foreign persons or companies, failure to identify the true owner would be a crime punishable by up to five years in prison. Today, many of the multimillion-pound homes are owned by facade companies based overseas, so it is not possible to determine who the beneficial owner is. In addition, the law will give more powers investigators Examine the actual ownership issues of these properties.
The bill simplifies the imposition of penalties on persons already covered USA or EUBecause the requirement to impose a penalty is a violation of British law it will be abolished. This comes in response to allegations that the UK has punished a small number of oligarchs compared to the US and the EU.
The law would also expand the scope of application of existing, but rarely used, provisions on unexplained property that have been in place since 2018, which allow property confiscationIt is suspected that it was purchased with illegally obtained money, and the owner cannot explain its source.
The presentation of the bill was delayed many times, and it was speculated that it would be dropped After the Russian invasion of Ukraine The topic was brought back to topic and the project moved quickly through all legislative stages in the House of Commons. The opposition also supported the bill, although some MPs believe that the bill contains many legal loopholes. Thanks to the government’s secure majority in the House of Commons, all proposed amendments were voted on.
***
