Ministers are getting ready to launch a consultation on a new law that would stop entities in offshore tax havens from owning property in the UK anonymously.
They would have to name the true owner, or the Government would have the power to recover the property.
It is estimated that some £120bn worth of UK property is owned by offshore entities, much of it paid for by laundered money.
Transparency International claims that around 36,000 properties – both residential and commercial – in London are owned by offshore corporate identities.
The organisation is calling for a new law, forcing the owners of properties to reveal their identities to be applied to retrospective as well as new purchases.
The Government announced last summer that it would be consulting on new laws to combat money laundering.
In May, the UK is due to host a global ani-corruption summit.
Nick Maxwell, head of advocacy at Transparency International, said: “If the prime minister is going to be credible at the international anti-corruption conference in London, then the UK needs to clean up its own backyard and end secrecy and money-laundering through UK property.”
There has been no update from either the NAEA or RICS on their own investigations – which began eight months ago – into money laundering following last July’s TV programme, From Russia With Cash, which purported to show agents with a clearly dodgy buyer. However, it is thought that one of the agents shown in the programme may have moved on from his job.
The agent in the show was disillusioned as his talents were under appreciated in sales. He has subsequently applied and started the selection process to become an MP. ex -sales agent come future MP said ” I feel so much happier that I will be amongst others who tell everyone what to do, but do the opposite whilst getting lots of perks – plus I can still flip the odd house here and there on the side”
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