UK’s property market is being ruled with a new legislation to reduce the amount of dirty money in order to push out the wealth of Russia’s government and overseas owners of properties who have not revealed their true identities. The Conservatives first committed to introducing a Register of Overseas Entities Bill six years ago but there has been little action since a government consultation closed in 2018. The domestic measures focusing on illicit finance in the UK follow a number of sanctions on Russian banks, airlines, oligarchs and more than 100 entities associated with the Kremlin. These reforms need to take place as soon as possible.
Do you believe this is the right plan of action at this current time?