Oligarchs using UK ***** property to launder illegal wealth are being targeted by a new register which has come into force.
Any anonymous foreign company seeking to buy UK land or property will need to reveal the true owners.
Foreign companies that refuse to disclose their true owner could face fines of up to £2,500 per day or up to five years in prison.The register comes amid economic sanctions in response to the Russian invasion of Ukraine.
Foreign organisations who already own land in the UK will have a six month period to register their beneficial owners or managing officers.
Business Minister Lord Callanan said: "We have been clear that the UK is a place for legitimate business only, and to ensure we are free of corrupt elites with suspicious wealth, we need to know who owns what.
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