The UK government appears to have given sanctioned Russian property owners a get-out-of-jail card valid for six months.
It’s been confirmed that Economic Crime Bill, passed by MPs this week, gives overseas owners six months to comply with new rules regarding disclosure of ownership.
Labour’s Shadow Business Secretary Jonathan Reynolds says: “It’s not good enough that the Government want to give Putin’s cronies months to sell up and escape sanctions. The invasion of Ukraine and continued Russian aggression demands action now, not in six months’ time.”
However, Business Secretary Kwasi Kwarteng insists the six-month registration period is fair to give individuals and companies owning some 95,000 foreign-owned properties enough time to digest the new rules and comply with them.
One prominent property analyst - former Estates Gazette editor Peter Bill - has taken to Twitter to comment on the six month grace period for Russians.
He writes: “Six months to reveal overseas owners will give time for owners to ostensibly change. Expect much activity.”
Meanwhile high end UK estate agencies with Russian offices have closed then up, temporarily at least.
A Savills statement says: “Savills is appalled by the scenes of humanitarian tragedy which are unfolding across Ukraine, has already made significant donations to humanitarian relief agencies working in the Ukraine and neighbouring countries to help alleviate this suffering and is supporting those of its people who are personally affected.”
And Knight Frank says: “With immediate effect, and with their agreement, we have suspended the commercial arrangements with our independent licensee in Russia.”
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"...or else sell up". Thereby laundering their dirty money. The crooks will be rubbing their hands together.
This is double standards. All property purchases within the UK are subjected to stringent money laundering laws.
Whatever they're looking for now, would've been found at the time of purchase, not because Russia/Puttin is at war today!
'get-out-of-jail card', so they're facing porridge then are they?
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