Today, this government will have an unprecedented opportunity to end Britain’s role as a hub for kleptocrats and criminals who want to launder their cash. The long-awaited economic crime and corporate transparency bill returns to the House of Commons, where MPs will vote on a slew of amendments from the Lords that seek to close gaping loopholes.
The role of the UK and its offshore territories in pandering to wealthy foreigners was thrown into sharp focus by Russia’s invasion of Ukraine in February last year. Those closest to Vladimir Putin and his war machine – many of whom have long used “Londongrad” as a playground – were slapped with sanctions, and their known assets frozen. The government hastily passed its Economic Crime (Transparency and Enforcement) Act 2022, making it easier, among other measures, to prosecute anyone involved in busting sanctions.
