U.K. Plans New Law to Crack Down on Foreign Money Laundering
- Law will set up registry of foreign owners of U.K. property
- Proposals accelerated in response to Russia’s Ukraine invasion
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The U.K. moved to crack down on money laundering with sweeping new laws to register foreign owners of British property and expand government powers to investigate the source of their wealth.
Ministers on Tuesday will publish the new legislation, the Economic Crime (Transparency and Enforcement) Bill, in response to Russia’s invasion of Ukraine, the Home Office said on Monday in an emailed statement. It also announced plans for a “fundamental reform” of Companies House, the government agency which registers corporate information and makes it publicly available.