The London Property Alliance has voiced its support for the Economic Crime Bill, which is being fast-tracked in response to the sanctions on Russia.
The Bill won cross Party support in a House of Commons debate on 7 March. It will now go to the Lords and is expected to become law by the end of the month.
Charles Begley, Chief Executive of London Property Alliance, said:
“We unequivocally support the further strengthening of the UK’s property laws in order to help ensure there is no hiding place for illicit investment in central London’s property sector, made even more urgent by events in Ukraine. The UK has stringent anti-money laundering safeguards, including a legal duty for all property companies and their legal teams to adhere to the National Crime Agency’s Suspicious Activity Reports (SAR) and Know your Client (KYC) requirements.”
BCLP has provided a useful summary of the Bill here
