The British government was expected to fast-track a law through Parliament on Monday designed to toughen sanctions against Russian companies and oligarchs with significant assets in the country.
A February report by the global anti-corruption advocacy group, Transparency International, estimated more than $11-billion of “questionable funds” from around the world has been invested in British property since 2016. The group also found that, of this total, approximately $2.5-billion worth of property was purchased by Russians who had been accused of corruption or who had ties to the Kremlin.
A crucial sticking point between Conservatives and opposition party members is the period in which foreign owners will have to register themselves – an older version of the bill placed this grace period at 18 months, which would potentially allow foreign investors to transfer or sell their assets before they are identified and seized.
Nigel Kushner, an international sanctions lawyer and chief executive officer of London-based law firm W Legal, said the bill was a “great help in the battle against corruption,” adding that for years, Britain welcomed investors from all around the world and encouraged them to bring their wealth, so it made sense that there would eventually be scrutiny of ill-gotten gains.
We would really hope that All this Oils and Gasoline pricing...fluctuations in the World of War...that Citizens ..will only pay more at the pumps...and their families will pay indirectly at All Groceries etc...
They are already too slow! Get it done now with ferocity!
kathrynwestmore The new act provides guarantees to individuals subject to sanction that i) they will be informed in advance ii) they will be entitled to a grace period during which they are free to move funds and/or liquidate assets before imposition
You go mine mein mien hair farm.
It’s a little late to call this fast tracking. Do better
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