Ground-breaking legislation introduced to Parliament recently could provide a major boost to Britain’s defences against illicit wealth. Transparency International (TI) said that the bill introduces much-needed reforms on property ownership, transparency, strengthening UK asset recovery powers, and sanctions. But there are some gaps within it. An 18-month transition period is far too long, and risks massive levels of asset flight. TI recommends the Government implement transitional provisions to stop property from being sold before the register comes into force and the proceeds transferred overseas. Overseas companies owning UK property should declare their beneficial ownership information; and the legislation should be implemented at the earliest opportunity to empower Companies House to introduce verification checks, query, investigate and remove false information.