MPs voted for legislation to tackle "dirty money" hidden in the UK on Monday this week after months of delay to receive a third unopposed reading.

The Economic Crime Bill aims to make it more difficult for individuals to hide wealth in the UK, particularly those from overseas.

Such legislation has been in discussion since 2016 and the Bill was cancelled just last month, but Russia's war in Ukraine has renewed focus.

A set of overseas entities will be set up to identify the ultimate owners of UK property or land owned by overseas individuals and shell companies.

Overseas companies will have up to six months to register, which some say could allow people to quickly dispose of or transfer illicit assets.

Labour has tabled an amendment to the bill to cut the deadline to 28 days.

The Chartered Institute of Taxation criticised the bill, saying it does not focus on those that actually benefit from the property or land:

"Greater transparency of overseas ownership of UK property is welcome, but there is a lack of clarity over what the Government is trying to achieve with this measure.

"If [the legislation] reveals the real identities of foreigners who own UK property, we do not believe that the Bill will achieve this, because the legislation does not require the disclosure of the ultimate beneficial owner of the property, but rather the disclosure of the beneficial owner of the overseas entity which in turn owns the property."

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