Property bought with “plundered and laundered” foreign money will be revealed
The prime minister will publish details of property owned by foreign companies in an attempt to crack down on the practice of hiding dodgy cash in the UK.
In a speech in Singapore, David Cameron will say he plans to crack down on companies using “dirty money” to buy luxury property, particularly in London, and will publish information about them in the autumn.
The PM will say: “I want Britain to be the most open country in the world for investment. But I want to ensure that all this money is clean money. There is no place for dirty money in Britain. Indeed, there should be no place for dirty money anywhere.”
It is estimated around one in 10 properties in the City of Westminster are owned by offshore companies – one of the factors regularly cited as the main reason property prices in London are rising so rapidly.
A report by Transparency International in March said lawyers, accountants and estate agents who do not ask where money is coming from, despite being legally required to do so, are helping shell companies hide dirty money and move it around the world.
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