Thousands of foreign firms, some linked to Russian oligarchs, are breaking a new UK transparency law.
But even if there were just 4,000 firms that are not complying with the law, the total value in fines would add up to £10m per day if the maximum daily financial penalty was imposed on every company that has not supplied its information.Some foreign companies may not be aware of the new law yet, while others could be struggling to identify and verify all their beneficial owners, according to John Barnett from the Chartered Institute of Taxation.
The spokesperson said the UK was the first country in the world to take "this tough new approach to tackle money laundering through property", adding: "Fines are just one tool in our arsenal to crack down on non-compliance, and non-compliant companies are already unable to buy or sell unregistered land, cutting off the flow of money."
When the Foreign Office announced further sanctions last month against those who knowingly assisted sanctioned Russians - including Mr Abramovich - to hide their assets, it said oligarchs had "scrambled to shield their wealth" with the help of financial fixers, offshore trusts, shell companies and family members.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Northern Ireland international student boom adds £1bn to economy - reportThe number of international students🌎at Northern Ireland's universities has almost quadrupled in just four years, according to a new report
Consulte Mais informação »
UK self-storage industry set to pass £1bn in revenue\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Consulte Mais informação »
Fund managers cut commercial property exposure to lowest since 2008\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Consulte Mais informação »
Smoke alarm saves property owner's life after major flat fire in Market DraytonFirefighters say a working smoke alarm saved the lives of multiple residents after a fire broke out in a three-storey flat in Market Drayton.
Consulte Mais informação »
Property red flags that could turn off potential buyersExperts share property red flags that sellers should be aware of and how to address them in order to attract more potential buyers
Consulte Mais informação »
Dad who murdered wife & daughter, 12, he claimed were his 'property' is jailedA MONSTER dad who murdered his wife and 12-year-old daughter after claiming they were his “property” has been jailed. Peter Nash, 47, strangled his wife Jillu and stabbed their aut…
Consulte Mais informação »