The new UK Magnitsky Sanctions Legislation is going to be problematic for kleptocrats (from Russia and other authoritarian regimes) who have expensive properties in London and think they are untouchable.
Sergei Magnitsky died in custody in 2009 after uncovering a $230 million tax fraud against the Russian treasury. His evidence implicated some government officials and mobsters. The Russian government has said Magnitsky died of natural causes while in jail. William Browder, the American-born head of London-based Hermitage Capital Management, heads the global Magnitsky Justice Campaign. Magnitsky was Hermitage’s lawyer in Russia.
The UK House of Commons Tuesday passed legislation that would expand the powers of the government and courts to freeze assets of human rights violators. The vote in the House of Commons was unanimous. The bill needs to be adopted by the House of Lords to become law.
The Magnitsky amendment to the Criminal Finances Bill
- Introduces gross human rights abuse as part of the unlawful conduct, to which civil recovery powers can now be applied to Part 5 of the Proceeds of Crime Act 2002.
- Also, applies to those who profited from or materially assisted in the abuses.
- The bill includes protections for whistleblowers.
Versions of Magnitsky laws
- Are being debated in Canada and the EU.
- The United States adopted the Magnitsky Act in 2012.
- Estonia passed a Magnitsky law in 2016.
READ MORE
Loading...