The UK government is fast-tracking plans to tackle the flow of “dirty money” and expose Russian oligarchs who launder their wealth through the UK’s property market after the Ukraine crisis.

The Economic Crime (Transparency and Enforcement Bill) will be tabled in parliament on Tuesday, following a package of sanctions aimed at Russia which was announced by prime minister Boris Johnson last week.

The bill will introduce a register of overseas entities highlighting the ultimate owners of overseas companies that control property and land in the UK.

The new processes to verify the identities of the company owners — to be carried out by Companies House — were not expected to be introduced to parliament until the autumn.

The new register will require anonymous foreign owners of UK property to reveal their identities to ensure that criminals cannot hide behind secretive chains of shell companies.

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The register will apply retrospectively to property bought up to 20 years ago in England and Wales, and from 2014 in Scotland.

Entities that do not declare the beneficial owner will face restrictions on selling the property, and people who break the rules could face up to five years in jail.

“There is no place for dirty money in the UK. We are going faster and harder to tear back the façade that those supporting Putin’s campaign of destruction have been hiding behind for so long,” Johnson said.

“Those backing Putin have been put on notice: there will be nowhere to hide your ill-gotten gains.”

The legislation will also make it easier for the authorities to use unexplained wealth orders (UWOs). Those who are unable to demonstrate the wealth was obtained legitimately could find their homes seized.

UWOs have been used only four times since they were introduced in 2018.

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The government is also publishing a white paper on plans to give Companies House new powers to verify the identity of people setting up and running companies.

Insisting that “time is up for Putin’s cronies hiding dirty money in the UK”, home secretary Priti Patel said the legislation would strike a blow against financial crime.

Business Secretary Kwasi Kwarteng said the register “will shine a light on who owns what in the UK so we can flush out the oligarchs, criminals and kleptocrats who think they can use UK property to hide their illicitly obtained wealth”.

Watch: 'No place for dirty money': PM moves to stop the UK being used to launder ill-gotten wealth