Ministers said it would reveal who ultimately owned UK property, including many in London, and also stop foreign criminals using UK property to launder money.
But even if there were just 4,000 firms that are not complying with the law, the total value in fines would add up to £10m per day if the maximum daily financial penalty was imposed on every company that has not supplied its information.Some foreign companies may not be aware of the new law yet, while others could be struggling to identify and verify all their beneficial owners, according to John Barnett from the Chartered Institute of Taxation.
The spokesperson said the UK was the first country in the world to take "this tough new approach to tackle money laundering through property", adding: "Fines are just one tool in our arsenal to crack down on non-compliance, and non-compliant companies are already unable to buy or sell unregistered land, cutting off the flow of money."
When the Foreign Office announced further sanctions last month against those who knowingly assisted sanctioned Russians - including Mr Abramovich - to hide their assets, it said oligarchs had "scrambled to shield their wealth" with the help of financial fixers, offshore trusts, shell companies and family members.
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