The government has said the bill would seek to drive kelptocrats and dirty money out of Britain, ensuring that people such as allies of Russian President Vladimir Putin do not benefit from the UK economy.
“The bill will be introduced to further strengthen powers to tackle illegal finance, reduce economic crime and help businesses grow,” Prince Charles said in a speech outlining the Johnson government’s program on Tuesday. “
In March, Britain passed an economic offenses law and subsequently sanctioned hundreds of Russian individuals and entities, catching similar measures imposed by the European Union and the United States.
The government said the new bill would build on that law by introducing verification of the identities of people controlling companies in the UK, improving the credibility of data held by the Registrar of Companies and providing Companies House with more effective investigation and enforcement.
He also said that the bill would empower the authorities to confiscate and recover crypto assets faster and easier.
Organizer. Zombie aficionado. Wannabe reader. Passionate writer. Twitter lover. Music scholar. Web expert.