Britain is bringing forward planned new laws this week that will give the government powers to seized foreign wealth that has accumulated in the UK, particularly its property sector, to target the wealthy allies of Russian President Vladimir Putin.
The long-delayed Economic Crime Bill is being introduced on Tuesday to increase transparency over the ownership of multi-million-pound properties and to make it easier for police to seize what they believe to be criminal assets.
The legislation has been fast-tracked and follows complaints by many MPs that not enough is done to stop the flow of Russian money into London and spent on properties, luxuries and private schooling for the Kremlin-friendly elite.
The plans include a Register of Overseas Entities that requires the true owners of properties to reveal their identities rather than hide behind anonymous chains of shell companies.
"There is no place for dirty money in the UK,” said Prime Minister Boris Johnson. “We are going faster and harder to tear back the facade that those supporting Putin's campaign of destruction have been hiding behind for so long.
“Those backing Putin have been put on notice: there will be nowhere to hide your ill-gotten gains,” he said in a statement.
Those that fail to comply with the rules will have restrictions placed on selling property. Those who have broken them will face up to five years in prison.
The legislation will apply retrospectively to property bought by overseas owners up to 20 years ago in England and Wales and since December 2014 in Scotland.
Campaigners have long complained that opaque ownership rules and a network of complicit financial experts, bankers and estate agents have allowed "dirty money" to be pumped into the UK’s property market. More than £100 billion ($134bn) is believed to be laundered through the UK from all criminal sources every year, according to the National Crime Agency (NCA), which tackles serious and organised gangs.
One London home, owned by the family of Muammar Qaddafi but in the name of a British Virgin Islands front company, was seized in 2012 in a rare victory for authorities chasing looted money.
Referring to the bill on Sunday, Foreign Secretary Liz Truss said that officials had drawn up a “hit list” of Russians close to Vladimir Putin.
The government said the new bill would also help ensure that more “corrupt oligarchs” could be handed Unexplained Wealth Orders, which allows authorities to seize their funds without the need for a criminal conviction.
Only six of the orders have been used so far since they were introduced in 2018, as other new confiscation orders have proved more effective.
Some of the first UWOs have been locked in long and costly court battles and the new bill protects the authorities from paying high costs if cases are unsuccessful.
The Treasury is also strengthening its enforcement of the economic sanctions regime by introducing a less onerous burden of proof for investigators. A new "kleptocracy" cell based at the NCA, announced last week, will investigate sanctions evasions.
Only six fines have been issued since the Office of Financial Sanctions Implementation (OFSI) was set up in 2016, according to the Financial Times newspaper.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
more from Janine di Giovanni
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Global state-owned investor ranking by size
|
1.
|
United States
|
|
2.
|
China
|
|
3.
|
UAE
|
|
4.
|
Japan
|
|
5
|
Norway
|
|
6.
|
Canada
|
|
7.
|
Singapore
|
|
8.
|
Australia
|
|
9.
|
Saudi Arabia
|
|
10.
|
South Korea
|
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Simran
Director Hansal Mehta
Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey
Three stars
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
UAE currency: the story behind the money in your pockets
