22/01/2018
Register of overseas firms buying UK properties to go live by 2021
Overseas companies will have to disclose details of the ultimate owners of any UK property they own or buy in a public register launched by the Dept for Business, Energy and Industrial Strategy to crack down on criminals who use shell companies to launder their illicit gains by investing in property in London and elsewhere.
Draft laws setting up the register will be published this summer and the register will go live in early 2021, when government claims it will become the first register of its kind in the world.
UK property worth more than £180 million has been investigated as the suspected proceeds of corruption since 2004 and more than 75% of properties currently under investigation use ‘offshore corporate secrecy’ – a tactic regularly encountered while pursuing high level money laundering by investigators, who will be able to use the register to help them track criminal funds and take action.
In addition to building on the UK’s reputation of corporate transparency and helping to create a hostile environment for money laundering, the DBEIS claims the register will provide the government with additional information on overseas companies seeking public contracts.
We are frequently asked at CPA if we can chase foreign overdue accounts. The answer is yes we can and the results are similar to those we obtain in pursuing UK-based debtors.
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