Proposal, which dates from David Cameron era, intended to tackle money laundering but has no date set to take effect
Oligarchs and kleptocrats will no longer be able to hide their ownership of property through companies based in overseas territories, the business secretary said on Monday, but refused to give a date for when the change would come into force.
In a move brought forward by Russia’s invasion of Ukraine, Kwasi Kwarteng said there would be a register showing the ultimate beneficial ownership of foreign-owned UK properties – a move that was first promised under David Cameron.
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