British Housing Secretary Michael Gove said London will soon introduce a new bill that will force real estate agents to disclose the names of property buyers in the country. He reported that daily telegram.
According to Gove, the British authorities want to stop the “illegal extortion of money” by Russian oligarchs, who use the remaining loopholes to buy and sell homes under the guise of anonymity.
The bill introduces new rules that require companies and other legal entities involved in a real estate transaction to provide information about the owner to the land registry in order to complete the purchase or sale.
The move aims to help end the UK’s use as a safe haven for billionaires looking to launder money illegally or secretly amass large assets.
According to Gove, the British property market has been in the shadows for too long, allowing oligarchs to bypass sanctions.
“We want to put an end to the illicit money racket that is flooding the UK property market once and for all. “Our real estate market will no longer be open to corrupt individuals and regimes that launder money and hide their identities.”
previously in the UK called The G7 countries will not lift sanctions from Russia until peace comes to Ukraine.