UK authorities will oblige realtors to disclose the names of home buyers

The UK government will soon introduce a new bill as part of the fight against the oligarchs, which will oblige realtors to disclose the names of the end buyers of real estate in the country. This was stated in an interview with The Telegraph by UK Housing Minister Michael Gove.

“We want to end the money scams that have plagued the UK property market. Our market will no longer be open to corrupt officials and regimes laundering their money and hiding their identity,” he said.

Under the bill, the British authorities will be able to require any company, trust or other legal entity involved in a real estate transaction to provide the Land and Real Estate Registry with information about the ultimate owner of the home in order to complete the purchase and sale transaction. it is noted that the changes will also allow the regulator to request information about the source of origin of property buyers' funds.

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According to The Telegraph, the relevant amendments will affect, among other things, a number of Russian businessmen who, after the imposition of sanctions by the UK, "began to transfer their property to various trusts."

British Foreign Office threatened "Russian oligarchs" with confiscation of property Politics

The UK has already introduced several packages of sanctions against RUSSIA in connection with the recognition of the DPR and LPR and the military operation in Ukraine. Under the restrictions, including the first persons of the state and big businessmen. The sanctions include the freezing of his assets in the UK and a ban on entry into the country.

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British Foreign Secretary Liz Truss said earlier that the property of "Russian oligarchs" in London could be confiscated under the upcoming draft of tougher sanctions. Also, the UK authorities did not rule out measures against law firms that would begin to provide assistance to Russian businessmen who fell under sanctions and wished to challenge their inclusion in the sanctions list.

In addition, the British authorities have introduced a £50,000 ($66,800) limit on the amount of money that Russians can keep in British bank accounts.

The Russian authorities have repeatedly called the sanctions imposed against Moscow illegal.