British PM says foreigners involved in money laundering will have no place to hide in the United Kingdom. The move comes after Russia’s president imposed sanctions on wealthy allies, with the Labor Party accusing the government of taking a U-turn under pressure.
According to sources, it is reported that the prime minister of the United Kingdom said in a statement that those foreigners who are involved in any money laundering cases ,they will not find united kingdom an easy place to hide. The British government has decided to amend the Economic Crimes Bill following allegations that President Putin has slowed down sanctions on wealthy allies.
The British government has drafted a bill to amend the Economic Crimes Bill in line with the sanctions imposed by the European Union and the United States.
Prime Minister Boris Johnson has said that foreigners seeking money laundering in Britain will not have a place to hide, but the Labor Party has accused the government of taking a U-turn under pressure. It is hoped that the bill, which has the support of all parties, will be tabled in Parliament on Monday.
Outlining its amendments, the Foreign Office said that the aptitude test, which was required to be met when imposing sanctions on such individuals, would be removed.
It is also reducing the deadline for foreign companies to declare their real owners from 18 months to six months. Failure to comply will result in a fine of 500 500 to 2,500 per day.
The bill is expected to become law by the middle of this month. Mr. Johnson said the measures would increase pressure on the criminal elite trying to launder money on British soil and would stop corruption. He warned that these people would have no place to hide.
Addressing the Ukrainian people in a video on Twitter, Mr. Johnson said “Britain will continue to do everything possible with its allies to support you and put tremendous pressure on Vladimir Putin.” If not, we will continue to impose sanctions and impose more sanctions.