Human rights abusers will become homeless under a new law passed by Britain’s Parliament.
Ministers voted this week to empower the U.K. government to freeze the assets of abusers—kleptocrats, torturers, corrupt officials, and the like—no matter where in the world their violations occurred.
The new law is akin to the U.S. Magnitsky Act, passed in 2012 and which gives the government the right to ban visas and freeze the assets of Russians connected with the abuse of Sergei Magnitsky, an attorney who was beaten to death in prison after exposing a $230 million fraud scheme. The U.S. law was broadened last year to include human rights abusers from anywhere.
Magnitsky was employed by hedge fund manager Bill Browder, who has made it his mission to bring justice to international miscreants and who was an architect of the Magnitsky Act.
Of the new U.K. law, Browder told the Financial Times, “It’s historic and groundbreaking. It breathes the fear of God into every torturer and murderer from dictatorships that all have houses in London.”
London was often seen as a safe haven for dictators and despots to live and acquire property. Former Libyan leader Mohammar Qaddafi, African dictators and corrupt officials from the Middle East to the Balkans all have been reported to have trophy properties in some of London’s most luxurious neighborhoods: Knightsbridge, Kensington, Chelsea, and Notting Hill, among other uber expensive locales.
Often these homes aren’t lived in but kept as investments. Indeed, one U.S. private equity investor who has a home in the posh Belgravia area of London told Private Wealth that many of his neighbors’ homes are vacant. “It is like a ghost town. All the lights are out,” he said, foregoing the opportunity to let his name be used on account of the nefarious nature of many of those who may be affected by the new U.K. law.
Browder learned of the dealings of thugs the hard way. He was kicked out of Russia some 10 years ago by the powers that be and his companies were taken over and pillaged by Russian officials. When Magnitsky reported the improprieties, he was imprisoned and then killed.
Versions of the Magnitsky Act are also being considered by Canada and the European Union.
