World first register to crack down on money laundering

The government has made the following announcement regarding a new register they are creating to provide government with greater transparency on overseas companies. In short, the register will provide a:

  • world-first public register will require overseas companies that own or buy property in the UK to provide details of their ultimate owners,
  • £180 million worth of property in the UK has been brought under criminal investigation as the suspected proceeds of corruption since 2004,
  • government will publish draft laws this summer and the register will go live by early 2021.

 

A world-first register revealing owners of overseas companies buying property in the UK will go live by early 2021 to crack down on criminal gangs laundering dirty money in the UK, the government has announced.

More than £180 million worth of property in the UK has been brought under criminal investigation as the suspected proceeds of corruption since 2004. Over 75% of properties currently under investigation use off-shore corporate secrecy – a tactic regularly seen by investigators pursuing high-level money laundering.

The Department for Business, Energy and Industrial Strategy’s register will require overseas companies that own or buy property in the UK to provide details of their ultimate owners.

This will help to reduce opportunities for criminals to use shell companies to buy properties in London and elsewhere to launder their illicit proceeds by making it easier for law enforcement agencies to track criminal funds and act.

Recently, in the House of Lords, the government committed to publishing a draft bill this summer and introducing it in Parliament by next summer. Following legislation, the register would go live by early 2021.

Business Secretary Greg Clark said:

We are committed to protecting the integrity and reputation of our property market to ensure the UK is seen as an attractive business environment – a key part of our Industrial Strategy.

This world-first register will build on our reputation for corporate transparency as well as helping to create a hostile environment for economic crimes like money laundering.

The register will also provide the government with greater transparency on overseas companies seeking public contracts.

Latest Blog
28
Nov

Check your National Insurance record online

You can check your National Insurance record online at GOV.UK to see: what you have p...

Read More
23
Nov

Autumn Statement Summary 2023

The Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to t...

Read More
22
Nov

Autumn Statement wish list

On the 22nd November, the Chancellor delivers his Autumn Statement 2023. Presumably, ...

Read More
21
Nov

A billion pounds of business red tape to be removed

British businesses could save up to £1 billion a year as the Government confirm...

Read More