Owners of 100,000 properties held by foreign shell companies unknown despite new UK laws ...Middle East

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More than two-thirds of English and Welsh properties held by foreign shell companies do not report the identity of their owners, according to analysis that found significant flaws in laws meant to prevent oligarchs from hiding their wealth. The UK government hurriedly introduced a register of overseas entities in August 2022 after Russia’s invasion of Ukraine in February that year, in an attempt to “flush out corrupt elites laundering money through UK property”. However, critics said there were severe flaws in the rules from the start. The true owners of more than 100,000 properties in England and Wales controlled via overseas shell companies are not public, despite the rules that came int

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Last updated : 03 September 2023 clock 08:56 PM

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Owners of 100,000 properties held by foreign shell companies unknown despite new UK laws ...Middle East

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