U.K. Property Ownership Register

UK BEIS issued notice of a property ownership register.

  • UK cited world-first register stating owners of overseas companies buying property.
  • To go live by early 2021, to crack down on criminal gangs, laundering money in UK.

Property AML

  • Since 2004, more than £180mn worth of UK property, has been under investigation.
  • Over 75 percent of property currently under investigation using off-shore corporate
    secrecy, tactic regularly seen by investigator pursuing high-level money laundering.

Ownership Register

  • BEIS register will apply yo overseas companies that own or buy property in the UK.
  • Require provide details of ultimate owner, to reduce the opportunity for criminals.
  • Opportunities to stop shell companies, to buy properties in London and elsewhere.
  • To launder illicit proceeds, by making it easier for agencies to track criminal funds.
  • Government committed to issuing draft bill summer 2018, introduce in Parliament
    by next summer, following the legislation, the register would go live by early 2021.