New laws designed to tackle “dirty money” in the UK have been fast-tracked through Parliament in a bid to target Russian oligarchs who own property in the UK.

Royal assent was granted for the Economic Crime (Transparency and Enforcement) Act as the Houses of Parliament sat beyond midnight to ensure the measures became law.

The legislation to establish a new register of overseas entities, requiring foreign owners of property in the UK to declare their identity, is part of a wider package of measures being introduced by the UK government aimed at clamping down on Russian oligarchs following the Ukraine invasion.

Those behind foreign companies who do not reveal their true identities will face restrictions on the selling or renting of the property under their ownership. Additionally, those who break rules could face fines of up to £2,500 a day or up to five years in prison.

Companies House has started work to implement the register alongside the UK’s land registries.

Home secretary, Priti Patel said: “This government has moved quickly to strengthen our response to Putin’s cronies and ensure that corrupt elites have nowhere to hide their dirty money in the UK.

“We will continue to work with our international partners to take the strongest possible action against those who enable this unprovoked aggression towards Ukraine.”

The Chancellor Rishi Sunak added: “Our Economic Crime Act will enable us to crack down harder and faster on dirty money and those who support Putin and his regime.

“We are using all of our financial might to send a clear message to the Kremlin that this criminal venture will end in total failure.”