In recent years, the UK has seen a surge in property ownership by Russian oligarchs. This has raised concerns about the potential for money laundering and other illicit activities. In response, the UK government has introduced new legislation to increase transparency in property ownership. However, the effectiveness of this new law remains unclear.
The UK’s new transparency law requires companies to reveal their ultimate owners. This means that companies must disclose the identity of any individuals or entities that own more than 25% of the company. The law also requires companies to provide information about the source of their funds. This is intended to make it easier to identify and investigate suspicious activity.
Despite this new law, it is still difficult to determine who owns UK property owned by Russian oligarchs. This is because many of these oligarchs use offshore companies and trusts to hide their ownership. This means that even if a company is registered in the UK, it may be owned by someone in another country. Furthermore, many of these offshore companies are not required to disclose their ultimate owners, making it even more difficult to identify who owns UK property.
In addition, there have been reports of Russian oligarchs using proxies to purchase UK property. This means that an individual or entity may be listed as the owner of a property, but in reality, it is owned by someone else. This further complicates efforts to identify who owns UK property owned by Russian oligarchs.
Overall, it is clear that the UK’s new transparency law has not been effective in increasing transparency in property ownership by Russian oligarchs. While the law may have made it more difficult for these oligarchs to hide their ownership, it has not been enough to provide a clear picture of who owns UK property. Until more effective measures are taken, the true extent of Russian oligarch ownership of UK property will remain unclear.