Greater transparency to fight fraud.

David Cameron has announced new measures designed to end the use of offshore companies to diguise the purchase of high value UK property with “laundered money,” he was reported as saying that more than 100,000 property titles worth £122 billion are currently registered to offshore companies.

His speech followed closely on from the recent report that certain prime london properties maybe connected to “corrupt money” and that UK was becoming a safe haven for such transactions. He however did make it clear that the vast majority of foreign-owned businesses that invest in property in the UK are entirely legitimate and proper, and have nothing at all to hide.

David Cameron said “There is no place for dirty money in Britain. Indeed, there should be no place for dirty money anywhere, that is my message to foreign fraudsters and that London is not a place to stash your dodgy cash.”

According to the Prime Minister a first step in countering this problem would be that  the Land Registry would publish data showing the full set of titles owned by foreign companies this autumn, the UK will be committed to the creation of a central registry of companies’ beneficial owners. The requirements will apply to all UK bodies corporate that currently register information on their members at Companies House, including limited liability partnerships, and the register will be made available for public inspection. It is due to be up and running next April.

He reportedly said that the UK government would “continue to make the case for transparency with international partners, to really tackle corruption effectively we need to be able to trace data from one country to another”.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

5 Great Property Management Software in the UK
Letting Agent Talk

Five of the Best Property Management Software for Landlords

Being a successful landlord requires a good relationship with your tenant, ultimately you want your property to be treated well, get paid on time and build long term relationships. Management of property has come a long way in recent years especially since the internet and certainly thanks to management software and apps. Today there are…
Read More
how to present your property for sale
Letting Agent Talk

LETTING AGENTS AND LANDLORDS FACING SURGE IN DISREPAIR CLAIMS

Recent research reveals there has been an exponential rise in disrepair claims over the past five years, with more than £55.1m paid out across 70 English councils that own their own stock. (Source: Inside Housing, February 2022). Legal costs nearly doubled between 2017-18 and 2020-2021, while the number of cases increased by 132%. Of the…
Read More
Breaking News

BREAKING PROPERTY NEWS – 17/05/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.   PRESS RELEASE: BriefYourMarket partnerships take lead generation to next level Generating and nurturing leads is the backbone of estate agency. According to Richard Combellack, Chief Commercial Officer at BriefYourMarket, this is exactly what BriefYourMarket is about, finding and nurturing new leads via a variety…
Read More
Home and Living

5 Gas Safety Tips to Keep You Safe at Home

Houses with safety hazards are not desirable, since they endanger the lives of their occupants. The value of your home diminishes if you’re your house and property are damaged, including gas appliances. Therefore, all owners, landlords, and tenants have a responsibility to have the appliances they own tested for functionality. Check all of your household…
Read More
do i need planning permission for a shed
Home and Living

What you need Planning Permission for in your Garden

Gardens, mostly those at the rear of property, offer us a great diversity of options outside just a lawn and patio area. From outside office space to swimming pools, gardens are a great space in which we can add great value to our lifestyles from leisure to work. Planning permission is the phrase used to…
Read More
Breaking News

BREAKING PROPERTY NEWS – 16/05/2022

Daily bite-sized proptech and property news in partnership with Proptech-X.   nurtur.group continues to strengthen its leadership team With my non-journalist hat on, and to ensure complete transparency, I also hold a position as a non-executive director at nurtur.group – AS Following the recent acquisition of BriefYourMarket, proptech supplier, nurtur.group has announced that Damon Bullimore…
Read More