The UK trumpets new register to rein in kleptocrats but it’s six years late and riddled with loopholes
PRESS F9 FOR “OH, FFS”
For pretty much as long as kleptocracy has been a thing, kleptocrats have bought property in London and hidden their ownership behind shell companies. This has allowed them to keep their wealth secret from the citizens of their home countries, and from UK law enforcement agencies. It is therefore a Bad Thing but is, apparently, no more.
As of Monday, under a plan intended to “flush out corrupt elites laundering money through UK property,” anyone wishing to deal in British property with a foreign-registered company will have to declare who owns it.
- “By getting this first of its kind register up and running at breakneck speed, we are lifting the curtain on those criminals attempting to hide their illicitly obtained wealth,” said Business Minister Lord Callanan in a statement.
First things first, this is progress. If this leads to a penny less theft in Russia, Ukraine, Nigeria, Angola, or any of the other kleptocrat-haunted countries of the Global South, it is a Good Thing.
But, second things next: it is incredibly frustrating too. The government first promised to implement this measure in 2016, fully six years ago, which is more than enough time to design, implement, stress-test, reconsider, redesign, and roll out something that is genuinely brilliant.