Reported by: ZDRAVKO LJUBAS

Almost 40 percent of all offshore companies that own property in the United Kingdom have failed to declare their real owners and could now face hefty fines, a suspension of their ownership rights and prison.

Foreign corporations were obliged to register their beneficial owners with the Register of Overseas Entities (ROE) by January 31, as part of the government’s anti-money laundering regulations aimed at rooting out corrupt elites.

The register was established last year as part of a package of strong economic measures introduced in reaction to Russia’s invasion of Ukraine. Among others, it is targeting the illegal riches of the current Kremlin regime supporters.

However, according to a government statement, out of 32,440 registered overseas companies, only 19,510 have met the deadline and revealed their real owners. Those who have not will now face the consequences.

“Oligarchs and non-compliant organizations face severe restrictions on their ability to buy and sell property and could risk future additional penalties,” which include prison sentences, the U.K. Government’s Department for Business, Energy & Industrial Strategy said in a statement.

Read full report: https://www.occrp.org/en/daily/17296-uk-to-go-after-offshore-firms-that-failed-to-declare-beneficial-owners