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.
