Boris Johnson promises to strengthen UK powers to fight white-collar crime

British Prime Minister Borris Johnson walks through members’ lobby for the State Opening of Parliament at the Palace of Westminster in London, Britain May 10, 2022. REUTERS/Toby Melville/Pool

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LONDON, May 10 (Reuters) – British Prime Minister Boris Johnson is set to introduce a new white-collar crime bill to crack down on illicit finance and strengthen laws empowering his Russian sanctions regime, empowering authorities to seize cryptocurrency assets.

The government said the law would aim to drive kelptocrats and dirty money out of the UK to ensure people like Russian President Vladimir Putin’s staff don’t benefit from the UK economy.

“A bill is being introduced to further strengthen powers to tackle illicit finance, reduce white-collar crime and help businesses grow,” Prince Charles said Tuesday in a speech outlining Johnson’s government’s legislative agenda.

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Britain passed economic crimes legislation in March and subsequently sanctioned hundreds of Russian individuals and organizations to match similar measures imposed by the European Union and the United States. Continue reading

The government said the new bill would build on that legislation by introducing identity verification for people controlling companies in the UK, improving the reliability of data held by the Registrar of Companies and allowing Companies House to investigate and enforce more effectively .

It also said that the bill would enable authorities to seize and recover crypto assets more quickly and easily.

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Reporting by Alistair Smout. Editing by Andrew MacAskill

Our standards: The Thomson Reuters Trust Principles.

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