Labour comments on reports of 18 month cut to grace period for foreign firms declaring UK property

Jonathan Reynolds MP, Labour’s Shadow Business Secretary, commenting on reports the government will back Labour’s call to cut the 18-month grace period for foreign companies to say who owns UK properties in the Economic Crime Bill, said:

“The government’s vague promises are not enough and it must back Labour’s proposal to tighten the net on Putin’s cronies now by shortening the grace period to 28 days.

“We cannot give oligarchs a head start - dirty Russian money must be taken out of the UK in days, not months. 

“The Government must side with Labour to protect our security and show solidarity with the people of Ukraine by taking the action needed to send a clear, united message – Putin backed oligarchs are not welcome in our economy.”

ENDS

Notes to editors:

1. Reports: UK looking at ways to speed up sanctions against Russian oligarchs | UK news | The Guardian
   
   
2. Reducing the transition period:

Labour will amend the Bill to change the grace period in which foreign entities must apply to the register from 18 months to 28 days except for property bought before 1999, which are currently out of the scope of the Bill, to give the Government time to find a way of making sure pre 1999 purchases are also included in the final Bill to ensure all foreign owned entities are included on the register. Amendment paper here: economic_rm_cwh_0303.fm (parliament.uk).