UK accelerates laws to fight 'dirty money' in light of Ukraine conflict

The UK's government has brought forward legislation to crack down on "dirty money," as geopolitical tensions escalate following Russia's invasion of Ukraine last week.

Due to be read out in Parliament on Tuesday, the Economic Crime (Transparency and Enforcement) Bill will help the National Crime Agency prevent foreign owners from laundering their money in UK property and ensure more corrupt oligarchs can be handed an Unexplained Wealth Order (UWO).

This will form part of a raft of measures to tackle corruption and murky dealings. Through reforms of Companies House, the UK's registrar of companies, agencies will also be given new powers to seize crypto assets.

This will bring them within the scope of civil forfeiture powers to tackle the growing threat from ransomware and the use of crypto assets for money laundering, the Home Office said. 

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