New UK legislation to crack down on money laundering, including property purchases

London

THE UK government wants to make it much more difficult for people, especially foreigners, to shield their wealth in the country, and that is the basis for a new economic crime bill that legislators are trying to pass in parliament as soon as possible.

The tighter rules could go a long way to deterring criminals, including Russian oligarchs, from shielding their money, especially through expensive property purchases.