The Economic Crime (Transparency and Enforcement) Bill first promised in 2016 has been introduced in Parliament and will be fast-tracked through the legislature. The bill allows for the introduction of a register of overseas entities that own property and land in the UK. The bill is now being fast-tracked in part to target the finances of Russian oligarchs close to President Vladimir Putin for his invasion of Ukraine. Financial Institutions should be aware of this regulatory development and ensure procedures are updated accordingly.
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