Responding to the Conservatives voting down a Liberal Democrat amendment to the National Insurance Bill that would’ve created a public register of beneficial ownership for businesses in UK freeports, Liberal Democrat Trade Spokesperson Sarah Olney MP said: “Tonight the Conservatives have chosen to leave the back door wide open for Putin’s cronies to keep stashing their ill-gotten wealth on UK soil.
“It’s hugely disappointing to see the Government have the chance to end the era of Russian interference in the UK for good, but fail to act. There is now a real risk that Kremlin-linked oligarchs and other economic criminals will be able to hide their cash in our new freeports with next to no scrutiny.
“We cannot allow freeports to become hubs for money-laundering and illicit trade. The Government must finally open its eyes to these risks and use its upcoming Economic Crime Bills to address them.”