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 years of inaction, it took Russia's increasingly bloody, unprovoked war against Ukraine to finally spur U.K. officials into advancing plans to address weaknesses that for decades have allowed corrupt oligarchs and officials tied to the Kremlin to park funds in Britain.
The U.K. Home Office announced that the Economic Crime (Transparency and Enforcement) Bill was enacted to create a new Register of Overseas Entities and to allow the government to impose sanctions against oligarchs.
March 15, 2022
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