UK considers freezing London assets of dictators and torturers

A new initiative by British lawmakers may allow for assets in the UK belonging to dictators and human rights abusers to be seized by authorities.

With the Criminal Finances Bill 2016 currently being discussed by parliament, backbench MPs are looking to insert a clause that will target those who commit human rights abuses outside of the UK.

The existing provisions of the bill are aimed at corrupt politicians and criminals who use UK banks and purchase luxury property in London as a means of laundering money.

If successful, watchdogs like Amnesty International will be able to apply for orders to the freeze assets of individuals.

With cross-party support for the clause, Labour MP Chris Bryant said that the chances of the clause becoming law were "quite positive". The bill could be passed as early as January next year.

MPs hope that the proposed legislation will allow London to shake off the reputation as being a haven for "dirty money".

Concerns about money laundering in the UK capital run high, with London's Mayor Sadiq Khan promising in September to conduct a thorough inquiry into foreign property ownership in London.

"People with blood on their hands - for the worst human rights abuses - should not be able to funnel their dirty money into the UK," said Conservative MP Dominic Rabb, who tabled the amendment.

"This change in the law will protect Britain from becoming a safe place for despots and dictators to hide their money."

The Magnitsky amendment, named after Russian lawyer Sergei Magnitsky - who died in custody after exposing alleged multi-million dollar fraud committed by top Russian officials - could result in two-year freezing orders on assets by UK judges.

According to the National Crime Agency, around £100bn [$127bn] of questionable money passes through the UK every year.