News

UK Lawmakers Advance Sanctions and Anti-Money Laundering Bill to Final Vote

By Koos Couvée

Russia's war in Ukraine has propelled long-dormant plans to overhaul the United Kingdom's defenses against illicit finance amid acknowledgements by ministers that successive governments have been complacent in not staunching the flow of illicit wealth into Britain. After a six-hour debate, the House of Commons approved an Economic Crime Bill on Monday that would ease the government's ability to impose asset freezes and secure unexplained wealth orders, and also introduce a long-awaited public database of individuals who acquire U.K real estate through offshore legal entities. Home Secretary Priti Patel introduced several amendments to the bill on Friday against a backdrop...

TO READ THE FULL STORY