Offshore companies could be banned from owning property in the UK if they fail to reveal their owners under new Government proposals to crack down on money laundering and tax evasion.
Plans to unmask the beneficiaries of offshore shell companies, which can be used by criminals to hide illegally-obtained money, will be unveiled by David Cameron at an international anti-corruption summit in London next month.
While owning property via an offshore company is not illegal, it allows the real owners to evade detection because only the company’s name must appear on public registers.
A Government consultation document published ahead of next month's summit warns that property in the UK “can provide a convenient vehicle for hiding the proceeds of crime.”
“The high values of property in London in particular presents an opportunity for criminals to launder considerable sums of money,” it adds. Full story...
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Plans to unmask the beneficiaries of offshore shell companies, which can be used by criminals to hide illegally-obtained money, will be unveiled by David Cameron at an international anti-corruption summit in London next month.
While owning property via an offshore company is not illegal, it allows the real owners to evade detection because only the company’s name must appear on public registers.
A Government consultation document published ahead of next month's summit warns that property in the UK “can provide a convenient vehicle for hiding the proceeds of crime.”
“The high values of property in London in particular presents an opportunity for criminals to launder considerable sums of money,” it adds. Full story...
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