According to experts, every year in the UK the amount of money being laundered exceeds £90 billion. This problem was highlighted last year in the BBC’s MacMafia drama based on Misha Glenny’s book, which analysed the penetration of organised criminal groups from Russia into the Western economy.
The government announced the urgent implementation of proposals for the first register of real estate in foreign ownership. All ideas aimed at preventing the laundering of money according to schemes similar to those shown in the series “MacMafia” should be urgently implemented in order to ensure the absence of potential loopholes in the law.
However, there is a concern that the draft law on the establishment of the register does not apply to trusts since technically they are not legal entities. Therefore, the government needs to ensure the transparency of trusts through the implementation of the EU Fifth Anti-Money Laundering Directive, which should enter into force in the UK at the same time as the legislation.