Only 3 % of fines on marine companies are not announced

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The UK collected only 3 percent of the financial sanctions issued to external companies that failed to comply with the transparency legislation designed to detect the illegal wealth hidden in the real estate market.

These numbers, which were released in Financial Times by Companies House, showed that among 444 grams issued to companies for lack of compliance with the record of external entities since January 2023, only 14 have been collected.

Transparency activists said that although the establishment of the record was a positive step, the law was “just a piece of paper” if the penalties were not imposed.

The index was presented in 2022 after Russia’s invasion of Ukraine to help the UK government eliminate the few and other clippocrats.

Margot Mallat, the first researcher and director of policy at Transparency International, said that despite the “encouragement” of the vision of companies that use their powers, “the issuance of sanctions, but the lack of them did not provide a strong deterrent against non -compliance.”

“If the UK wants to be the capital of anti -corruption in the world, it needs to deal with its enforcement gap.”

Individuals who own British property through external vehicles until the end of January 2023 to register such entities and publicly reveal their ownership in the companies ’house, with regulations that enable the governmental body to impose sanctions that were presented in June of that year.

FT previously reported that from July 2023, 3,103 entities failed to comply with the legislation. Corporates said at the time that some of these had no longer exist.

Joe Powell, Labor MP Kensington, Bayswater and President of the All Party ParlainTary Group regarding the fight against corruption and responsible taxes that the record has “real potential”, but without risk enforcement “by getting out of its purpose.”

Powell added that the UK government “needs to close the remaining gaps – especially the use of boxes, which still obscure ownership through the uninterrupted structures of the company.”

The companies company states that the volume of fines is calculated on the basis of the Council’s tax division in property with penalties ranging from 10,000 pounds and £ 50,000 per property. Since the record was presented, only 700,000 pounds of a total of 22.99 million pounds have been collected in fines.

If a penalty is not paid within 28 days, House Companies warns: “The registrar may seek to apply debts through the courts. This may lead to setting fees on entity’s property.”

Companies said that since the record was presented, more than 30,000 entities were complied with, which helped “improve the transparency of land ownership and property in the United Kingdom.”

They added that they worked with the partners to “determine the external entities in the range” and ensure their organizational compliance, while their focus remains on “improving the quality of the record, and thus transparency is strengthened.”