Property News · May 20, 2019

Patch holes in property register, implement it quickly to halt US$115 billion in yearly money laundering, UK government told


Proposals for the first register of foreign-owned property aimed at preventing “McMafia-style” money laundering should be put in practice urgently and reinforced to plug potential loopholes, the UK government has been told.Draft legislation contains insufficient verification checks to deter criminals from submitting false information and could allow those exploiting trusts to circumvent controls, MPs and peers have said.More than £90 billion (US$114.7 billion) is estimated to be laundered…

Source : South China Morning Post
Read more…Patch holes in property register, implement it quickly to halt US5 billion in yearly money laundering, UK government told

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