Great Britain has launched a new property registry due to Russiaʼs invasion of Ukraine

In Great Britain, a new property register came into force, which is designed to stop money laundering. The new list appeared against the background of economic sanctions in response to Russiaʼs full-scale invasion of Ukraine.

The BBC writes about it.

From now on, any foreign company that wants to buy land or property in the UK will have to disclose the real owners. Those who refuse to reveal the name of their true owner face a fine of up to £2,500 a day or up to five years in prison. Beneficiaries or principals must be registered within six months.

The register also covers properties bought since January 1999 in England and Wales and since December 2014 in Scotland.

“We have made it clear that the UK is only a place for legitimate businesses. And to ensure we are free from corrupt elites with dubious wealth, we need to know who owns what. By launching this first-of-its-kind register at breakneck speed, weʼre lifting the curtain and cracking down on criminals trying to hide their ill-gotten wealth," Business Secretary Lord Martin Callanan said.

• The new property register is part of the Economic Crime (Transparency and Enforcement) Bill, which was passed in the UK in response to Russiaʼs invasion of Ukraine. This government bill was officially submitted to the House of Commons on March 1, 2022. It passed the discussion and went to the committee of the House of Representatives on March 7. The bill was then formally introduced to the House of Lords on March 8 and debated the following day. The bill went to the committee and received royal assent on March 14.