Britain is a notorious haven for dirty money MPs now have the chance to crack down

Logo The GuardianThe Guardian
2023-09-04 09:30:37  • 5 mins

Today, this government will have an unprecedented opportunity to end Britains role as a hub for kleptocrats and criminals who want to launder their cash. The long-awaited economic crime and corporate transparency bill returns to the House of Commons, where MPs will vote on a slew of amendments from the Lords that seek to close gaping loopholes.

The role of the UK and its offshore territories in pandering to wealthy foreigners was thrown into sharp focus by Russias invasion of Ukraine in February last year. Those closest to Vladimir Putin and his war machine many of whom have long used Londongrad as a playground were slapped with sanctions, and their known assets frozen. The government hastily passed its Economic Crime (Transparency and Enforcement) Act 2022, making it easier, among other measures, to prosecute anyone involved in busting sanctions.

But how to freeze assets if we dont know where they are? There are 93,537 properties in England and Wales owned through opaque offshore companies, from luxury Knightsbridge penthouses to mansions in Surrey. Though the 2022 act brought in the new Register of Overseas Entities, where beneficial owners must be logged, there are still legal ways round this; and figures released by Transparency International in February suggest the owners of more than 50,000 offshore-held properties remain anonymous.

Continue read on

By James Landale Diplomatic correspondent in Poland Ukraine is fighting Russia on many fronts. And just as progress on the battlefield is hard won, so too...
2023-10-02 12:33:28  • 1 min
From Mitch McConnell on down, the Senates pro-Ukraine coalition is trying to reassure the U.S. ally that help will soon be on the way even after a bruising...
2023-10-02 09:00:00  • 1 min
Russian spy agencies and new technologies could be used to push conspiracy theories, U.S. officials say. Russias strategy to win the war in Ukraine is to...
Logo The New York TimesThe New York Times
2023-10-02 15:48:52  • 1 min
Quote of the day If you tell the international investment community you are going to do something, you bloody well have to stick to your word. Andy Street,...
Logo The GuardianThe Guardian
2023-10-02 16:23:55  • 1 min
Russian and Ukrainian officials voiced a rare note of agreement on Monday, with both sides playing down the significance of a U.S. government spending bill...
Logo The New York TimesThe New York Times
2023-10-02 20:04:57  • 1 min
Russia has been warned not to count on "weariness" in Europe over support for Ukraine, as European Union (EU) foreign ministers meet in Kyiv. It is the first...
2023-10-02 11:22:32  • 1 min
The new legislation is significant because English law is used in international trade more than any other law.
Logo FortuneFortune
2023-10-02 11:09:07  • 1 min
Even by this governments standards, last week was bleak and this one, as the Tory conference gets under way, promises to be no less dispiriting. It is clear...
Logo The GuardianThe Guardian
2023-10-02 05:00:05  • 1 min
By Jim Reed Health reporter Decisions made by Boris Johnson, his government and his team of scientists in the early days of the pandemic are to come under...
2023-10-03 00:24:58  • 1 min
As Congress shows signs of resistance to extending financial aid to Ukraine,President Joe Biden warns that time is running out to ensure continuous support....
Logo BenzingaBenzinga
2023-10-02 08:29:15  • 1 min
WASHINGTON Ukraine had little reason to celebrate when U.S. lawmakers approved a spending bill Saturday that averted a widely expected government shutdown....
2023-10-02 20:24:28  • 1 min
Some of Europe’s top diplomats gathered Monday in Kyiv in a display of support for Ukraine’s fight against Russia’s invasion as signs emerge of political...
Logo Global NewsGlobal News
2023-10-02 11:57:35  • 1 min
In January 2000, Tony Blair made a surprise pledge that the UK would reach the European average for health spending. Gordon Brown, the then Labour...
Logo The GuardianThe Guardian
2023-10-02 18:08:53  • 1 min
The discovery last week of a cannabis farm inside a former Marks and Spencer store was just the latest in a string of similar raids by police. The find, in...
Logo Daily MailDaily Mail
2023-10-02 05:57:37  • 1 min
WASHINGTON The Pentagon is warning Congress that it is running low on money to replace weapons the U.S. has sent to Ukraine and has already been forced to...
2023-10-02 16:15:43  • 1 min
The B.C. Civil Liberties Association is joining the case against Parliaments national security committees secrecy provisions, arguing MPs and senators should...
Logo Global NewsGlobal News
2023-10-02 19:27:51  • 1 min
Key Points Congress and Washington, D.C., buzzed over the question of whether President Joe Biden and House Speaker Kevin McCarthy cut a secret deal that...
2023-10-02 20:17:01  • 1 min
KYIV, Ukraine (AP) Some of Europes top diplomats gathered Monday in Kyiv in a display of support for Ukraines fight against Russias invasion as signs emerge...
Logo U.S. News & World ReportU.S. News & World Report
2023-10-02 08:16:28  • 1 min
It is not uncommon for politicians to compare managing the public finances to running a household budget. Hence the frequent statements about greater public...
Logo The GuardianThe Guardian
2023-10-02 11:00:11  • 2 mins
In the wake of dwindling international support for Ukraine's war effort, the European Bank for Reconstruction (EBRD) is planning a capital increase. The...
2023-10-02 14:49:10  • 1 min