Number 10 is planning on bringing forward legislation as soon as next week to create a register for the beneficiaries of overseas firms, which would reveal the true owners of properties across the UK as tensions with Russia moves ahead with Ukraine invasion.
According to an exclusive report from Sky News, an insider at Number 10 said that the Prime Minister stands by his promise to “open up the Matryoshka doll of Russian-owned companies”, and is bring forward the measures that were originally scheduled for autumn.
Nonetheless, it has been warned that whilst this is an ambitions, measures can take up to two years to implement.
The process of verifying property and companies owners may take months to pass, and will also involve involvement by Companies House.
On top of this, concerns have been raised about how effective this process may be, as people may make up names and change addresses in order to avoid any government crackdown,
Last week, Labour leader Keir Starmer urged Boris Johnson’s government to “get its house in order” if it is serious about tackling “dirty money” from Russia coming into the UK.
He also called on the Prime Minister should return all “Russian-linked” donations to the Conservative party over the last 10 years.
Sir Keir made the comments after Boris Johnson announced a new Economic Crime Bill would “hit companies” laundering Kremlin-linked Russian money through Britain.
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