Analysis

Loopholes Will Limit Potency Of New Economic Crime Law

By Richard Crump (April 5, 2022, 5:40 PM BST) -- Loopholes in the new economic crime law could allow the corrupt foreign elites it is designed to target evade the British government's attempts to crack down on dirty money in the aftermath of Russia's invasion of Ukraine, attorneys say.

Lawyers fear there are loopholes in the new economic crime law, which was rushed through Parliament in a day in response to Russia's invasion of Ukraine. (iStock.com/sborisov) The legislation is intended to shine a light on foreign property ownership in the U.K. and hand authorities enhanced powers to clamp down on money laundering and sanctions evasion.

But the law — rushed through...

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