New register of overseas owners of UK properties ‘riddled with flaws’

Critics warn of loopholes as UK government tries to stop oligarchs attempting to hide ill-gotten gains'

The business secretary, Kwasi Kwarteng, has promised that legislation coming into force on Monday will have an immediate dissuasive effect on oligarchs attempting to hide their ill-gotten gains, ensuring that the UK is a place for legitimate business only".

However, a string of lawyers, tax experts, MPs, accountants and transparency campaigners are warning that the long-awaited register of overseas entities, which was sped through parliament after Russia's invasion of Ukraine, is riddled with flaws and loopholes" and will have no impact on forcing corrupt oligarchs to reveal which UK mansions they own.