Michael Gove: We'll end property market's 'racket of illicit money' from Russian oligarchs

Michael Gove: We'll end property market's 'racket of illicit money' from Russian oligarchs

Michael Gove has pledged to shut down the "racket of illicit money" from Russian oligarchs who use remaining loopholes to buy and sell vast homes under a cloak of anonymity. Draft legislation produced by the housing ministry sets out new powers that would require any company, trust or other entity involved in a property transaction to provide the Land Registry with details of its true beneficial owner in order to complete a purchase or sale. The move is designed to help turn a corner on the use of Britain as a haven for billionaires seeking to launder illicit cash or discreetly store up vast assets. It goes further than existing plans to create a register of "beneficial" owners of foreign companies, and means details of the individuals behind any body, …
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