New Bill Pledges to Stop Corrupt ‘Treating the UK Like a Safe Deposit Box’ | Russia


Companies House will be given new powers to challenge incorrect or fraudulent allegations made by the corrupt and their agents in the Economic Crimes Bill previously delayed due to Boris Johnson A few weeks before Russia invaded Ukraine.

The new bill – the second quickly announced amid accusations that the government has been lax in dealing with dirty money – is backed by the new security minister, Tom Tugendhat.


The former Conservative leadership candidate said: “I am delighted that we are today introducing reforms that will make it more difficult for corrupt rulers to protect their ill-gotten gains and treat the UK as their safe deposit box.” Publish the bill.

The company’s registrar was accused in the past of acting as little more than a mailbox, taking all the allegations made by the corrupt and their representatives at face value and thus making it official, causing UK embarrassment.

But the proposed reforms were delayed early in the year, Which led to the resignation The then Chancellor of the Exchequer, Lord Agnew – and criticism from the Labor Party that the Conservatives were lenient with Russia’s “dirty money”.

Johnson was forced to announce that the Economic Crimes Bill would go ahead, but it was split in two. The first focused on creating a registry of offshore ownership of land and property in the UK, and on facilitating the prosecution of those involved in sanctions-busting. It was moved quickly in the spring.

Other measures outlined in the latest bill include tighter regulation of Scottish and other limited partnerships. Scottish lightly regulated limited partnerships have become havens for money launderers from Russia and elsewhere due to low reporting requirements and the fact that it can be controlled by opaque outside companies.

Law enforcement agencies will be given new powers to seize cryptocurrencies that are the proceeds of crime or illegal activity such as ransomware attacks faster and easier. Money laundering using cryptocurrency has risen sharply, Europol warned earlier this year.

A research paper published by a Russian think tank earlier this week urged both the US and UK to stay focused on fighting corruption, after a flurry of activism at the start of the war last February.

While the Russian invasion has emphasized the need to combat this problem now, the authors write, it has been years of turning a blind eye to ‘dirty money’ that has allowed it to take root in democratic societies, particularly in the United States and the United Kingdom’, Isabella Chase and Maria Nezero.