Key Facts

• The first quality-assured figures on the Ukraine family scheme will be published this evening.
• Over 14,000 people have already applied under the scheme.
• A bespoke visa application centre has been set up en route to Calais but away from the port.
• Staff are present in Calais and support is provided on the ground.
• The Economic Crime (Transparency and Enforcement) Bill aims to provide greater power and information to identify illicit wealth of Russian criminals, allies, and proxies.
• The new property register will dissuade individuals from buying UK property with illicit funds.
• Unexplained wealth orders are one of several tools that can be used to confiscate assets and property.
• The Treasury will have better capabilities to act when financial sanctions are breached.
• The Bill aims to operationalise tools for law enforcement agencies.
• A new kleptocracy unit has been established in the National Crime Agency (NCA).
• A follow-on Economic Crime Bill is planned for the next parliamentary session.
• Companies House will be reformed with verification of identities of company directors and beneficial owners.
• Measures include preventing abuse of limited partnerships, seizing crypto-assets from criminals, and enhancing business confidence to share information on suspected money laundering.
• The Bill sets a global standard for transparency in tackling economic crime.
• A register of overseas entities will be established to crack down on foreign criminals using UK property market for money laundering.
• Companies House will provide an overseas entity identity number upon registration and require annual updates.
• Criminal penalties can include up to five years imprisonment or fines.
• The Bill includes exemptions that the Secretary of State could use based on economic wellbeing considerations.
• Removes key barriers to the use of unexplained wealth orders.
• Reforms cost rules protecting agencies from substantial legal costs in investigations.
• Extends maximum property freezing period under UWOs.
• Enhances effectiveness against trusts and complex ownership schemes.
• Introduces tougher financial sanctions enforcement, including naming those who breach sanctions publicly.
• Streamlining the Sanctions and Anti-Money Laundering Act 2018.
• Removing statutory test of appropriateness for individual designations.
• Designating groups of individuals by body rather than individually, such as Russian Duma members.
• Facilitating international coordination with allies like US, Canada, Australia, and EU.
• Limiting the ability to claim damages in connection with designations post 4 March.
• The UK government is setting up a new visa application centre (VAC) away from the port of Calais to prevent surges and potential choke points.
• Journalists are unable to find any VAC in Calais as claimed by No. 10, despite assurances given earlier.
• A family has been told they cannot get an appointment at a VAC in Paris until March 15th.
• Over 14,000 people have applied for the scheme.
• The scheme covers elderly parents but not elderly aunts.
• There is confusion about visa numbers with conflicting figures mentioned.
• The UK has sanctioned only a handful of Russian oligarchs since the start of the war.
• UK property is being used to launder illicit wealth.
• Beneficial ownership measures aim to reveal ultimate foreign owners of UK property for the first time.
• There have been only four cases of unexplained wealth orders in four years.
• The Home Secretary has halted golden visas but no review or information on individuals posing a security risk has been published.
• The Bill is not perfect but necessary due to urgency.
• It aims to punish Putin and his elite for crimes against humanity.
• The Bill may cause harm to the UK's economy and citizens.
• Transparency International estimates £6.7 billion of questionable funds has been invested in UK property since 2016.
• The Bill gives owners of about 95,000 foreign-owned properties six months to reveal their identities.
• The Scottish register of persons holding a controlled interest in land will start operating on 1 April.
• OpenDemocracy reported €35.9 million in an SLP account stolen from Ukraine through fraud involving Remini Consulting.
• Only one SLP has been fined £210 for not having a person of significant control registered.
• The proposed Bill suggests fines of £2,500 per day for non-compliance.
• In the last five years, prosecutions for money laundering and Serious Fraud Office cases have decreased significantly.
• The Office of Financial Sanctions Implementation has only 37.8 staff members.
• The Economic Crime (Transparency and Enforcement) Bill aims to address economic crimes.
• Some estimates put the cost of economic crime at nearly £300 billion, while only £850 million is spent on nationwide enforcement agencies.
• Previous promises for an economic crime bill were made in 2015 or 2016 by David Cameron.
• The cost of economic crime to the UK economy is £260 billion.
• The bill includes tougher penalties and greater accountability, with an annual report to Parliament.
• Amendment 3 aims to address a loophole related to nominee directors and corporate trust providers.
• Britain was at the forefront of beneficial ownership transparency laws.
• Other countries have overtaken the UK in whistleblower protection legislation.
• The bill aims to address loopholes in existing laws but is only a first step.
• The Bill includes a six-month transition period for full registration, which Labour believes is insufficient.
• Transparency International identified £1.5 billion-worth of property in the UK bought by Russians accused of corruption.
• Clause 4 allows for statements to the register that do not identify beneficial owners.
• The Bill aims to remove constraints on designation by description to sanction Russian Duma and Federation Council more quickly.
• The transition period for registering beneficial owners of overseas companies will be reduced.
• Companies House must establish a regime to police the register.
• The Bill is inadequate due to rushed drafting.
• There are numerous amendments tabled that highlight the Bill's gaps and inadequacies.
• The initial timeline for publishing information on seized assets was 18 months, now six months, proposed reduction to three months or 28 days.
• Need early freezing of assets to prevent dissipation during the period.
• National Crime Agency and Serious Fraud Office need better funding and staffing.
• Serious Fraud Office is facing SLAPP litigation by Eurasian Natural Resources Corporation.
• The proposed requirements will not disincentivise honest investors into the British market.
• Six months is considered a fair period to implement the register of overseas entities.
• The Office of Financial Sanctions Implementation's approach moves from 'knew or had reasonable cause to suspect' breaches to strict liability for sanctions violations.
• The Bill amends the Sanctions and Anti-Money Laundering Act 2018.
• It creates a register requiring anonymous foreign owners to reveal their identities.
• Fines and imprisonment will be penalties for non-compliance.
• Approximately 95,000 properties in the UK are owned through about 30,000 overseas-registered companies.
• The number of prosecutions for money laundering has dropped by nearly a third over the past five years.
• The National Crime Agency obtained only five successful prosecutions per year on average.
• The extent of economic crime could be approaching £300 billion, yet law enforcement agencies spend less than 0.1% of that figure.
• New clause 2 proposes additional resources for enforcing measures in the Bill and policing economic crime more generally.
• The UK has designated £258 billion and more than 200 individuals, entities and subsidiaries under sanctions.
• Over 3 million companies are debarred from raising funds in the City of London.
• Amendments 26 and 27 aim to further strengthen the Bill's provisions on sanctions enforcement.
• The Bill aims to tackle economic crime linked to Russia's invasion of Ukraine.
• Hope for Youth NI has sent 20 40-foot lorries from Northern Ireland in the last week to support aid efforts in Ukraine.
• Faith in Action Missions and Mr and Mrs Sloan are feeding Ukrainians, highlighting the need for continued support.
• The Bill covers three main areas: register of overseas entities, changes to unexplained wealth orders, and adjustments to sanctions regime.
• It aims to prevent property sales unless the entity has been registered from day one of its coming into effect.
• There is a need for further reforms to Companies House and Scottish limited partnerships.
• The Bill addresses transparency issues, beneficial ownership registration for near 100,000 properties, and improvements to unexplained wealth orders.
• Government originally proposed a six-month timeline for registering beneficial ownership; MPs seek a 28-day implementation period.
• Russia's operation in the 1990s is cited as an example of difficulties with using unexplained wealth orders.
• There are concerns about UK's capacity to enforce sanctions due to resource limitations.
• The Bill will improve transparency about the ownership of companies and property in the UK.
• It aims to strengthen the enforcement of financial sanctions.
• The new register will require anonymous foreign owners to reveal their real identity.
• The Bill aims to cover 95,000 properties in England and Wales owned by around 30,000 overseas entities.
• Only a tiny fraction of these properties are suspected to be held by criminal or corrupt interests.
• The Government has developed a sustainable funding model including £400 million over the spending review period for economic crime reforms.
• The Bill contains provisions relating to the register of overseas entities and unexplained wealth orders engaging devolution powers in Scotland and Northern Ireland.
• The Government continue to work closely with Scotland and Northern Ireland to complete legislative processes at the earliest opportunity.
• Companies House reform will be the biggest since its inception 200 years ago.