Register of UK property held offshore lists 40 owners under sanctions

The British government launched a register in August 2022 to tackle the flow of illicit money into the UK, revealing that it includes three sanctions-hit Russian businessmen, a string of billionaires and several donors to the Conservative party.

February 2, 2023 . 12:04 AM

1 min read

The British government launched a register in August 2022 to tackle the flow of illicit money into the UK, with a deadline for owners of 32,440 registered overseas organisations to declare their beneficial ownership status or face fines.
An analysis of registrations revealed that they included three sanctions-hit Russian businessmen, a string of billionaires and several donors to the Conservative party.
The new register pierces the opaque ownership structures behind some of the UK’s most expensive properties, six years after it was first promised by then prime minister David Cameron.
It is not illegal for sanctions-hit individuals or entities to hold British assets, whether offshore or otherwise, but such assets are generally frozen by the government until restrictions are lifted.
An individual close to Conservative donor Nick Candy said that the Guernsey companies were all UK resident for tax reasons.