In a bid to tackle organised crime and money laundering, the Home Office

In a bid to tackle organised crime and money laundering, the Home Office has introduced new restrictions on tier 1 visas. Forming part of wider anti-money-laundering reforms, the tier 1 visa—which provides a fast track route to settlement for people willing to invest millions in the UK—will be suspended from Friday until new rules are established in 2019.

Tier 1 visas have been criticised for providing an easy route into the UK for wealthy individuals seeking to launder stolen wealth. In July 2018, figures showed a 46% increase in the number of applicants to the tier 1 investor visa scheme, with more than 400 applications from wealthy overseas investors.

The reformed visa will:

• require applicants to provide comprehensive audits of their financial and business interests

• require applications to show they have had control of the £2m of investment funds required to obtain the tier 1 visa for at least two years

• applicants will no longer be able to invest in government bonds as part of the reforms, and must invest in active and trading UK companies

Source: The Guardian

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