Foreign companies which have bought up property in Britain could face hefty fines and other criminal sanctions after failing to comply with new anti-money laundering laws, the British government has warned.

Overseas companies which have acquired land in Britain had until Tuesday to declare their true beneficial owners under legislation fast-tracked through parliament in the wake of Russia’s invasion of Ukraine.

According to figures from the Department for Business, Energy and Industrial Strategy (Beis), it is estimated that 19,510 out of 32,440 registered overseas organisations have declared - suggesting more than a third have yet to do so.

Business Minister Lord Callanan said those which missed the deadline could now face investigation, potentially leading to prosecutions and restrictions on the sale of assets as well as fines.

“There is nowhere for the criminals and corrupt elites to hide,” he said.

“We will be using all the tools at our disposal, including fines and restrictions, to crack down on foreign companies who have not complied.”

Under the Economic Crime (Transparency and Enforcement) Act passed last March, foreign companies must declare their beneficial owners on a new register of overseas entities.

The move was designed to prevent Russian oligarchs and other foreign kleptocrats laundering their “dirty money” through safe investments such as land and property in Britain, often held by opaque corporate structures.

Further legislation currently going through parliament will give additional powers to Companies House, the British government’s executive agency in charge of keeping register of all companies, and the Insolvency service with ?20 million ($24.6 million) to recruit new teams of intelligence and analytical experts.

Beis said that Companies House was already assessing and preparing cases for enforcement action.

Companies House chief executive Louise Smyth said the creation of the register of overseas entities marked a “huge step forward” in the organisation’s role in helping combat economic crime.

“We cannot be clearer in our message to these entities; if you ignored warnings and fail to register before the deadline, you will face consequences,” she said.

“This includes not only the prospect of restrictions on your land or property but also a possible fine, prison sentence, or both.”