Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Free Newsletter Sign Up

U.K. Aims to Crack Down on ‘Putin’s Cronies’ in Dirty Money Law

May 10, 2022, 10:44 AM

U.K. plans to introduce legislation to tackle fraud, money-laundering in bid to stamp out economic crime and dirty money.

  • Bill aims to ensure people, “including Putin’s cronies, do not benefit from the U.K.’s open society:” document
  • Prime Minister Boris Johnson’s government details plans in document accompanying Queen’s Speech
  • New bill to broaden powers of Companies House powers and introduce identity verification for people who manage and control U.K. registered companies
  • Law will also create powers to seize and recover crypto assets more quickly and easily
  • Law also to create civil forfeiture power to mitigate risk posed by those who ...