Property News · February 14, 2016

Call to tighten new property law to crack down on ‘dirty money’


Rules should require foreign owners of prime London homes to come clean about beneficiary owners, say anti-corruption groupsNew laws that aim to stop the UK being a magnet for money launderers – by forcing the owners of properties to reveal their identities – should be applied retrospectively, leading anti-corruption organisations whose work has strongly influenced the government are saying.Transparency International and Global Witness say only tough new anti-laundering measures will help the UK to clean up its act. The organisations’ revelation that large chunks of London’s prime properties are now owned by trusts in tax havens such as the British Virgin Islands prompted David Cameron to warn that the UK “must not become a safe haven for corrupt money from around the world”. Continue reading…

Source : theguardian.com
Read more…Call to tighten new property law to crack down on ‘dirty money’

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