Thursday, April 19 2018

January 20, 2018

Foreign companies that own or buy property in Britain to provide details of their owners

London – UK has announced to maintain the world’s first public register that requires foreign companies that own or buy property in Britain to provide details of their ultimate owners. The government is set to publish relevant draft laws and the register will go live by early 2021.Mr Greg Clark,British Business Secretary said, this register will build on their reputation for corporate transparency as well as




help create a hostile environment for economic crimes like money laundering.Properties in Britain worth 250 million dollars has been under criminal investigation for being linked to corruption since 2004 said spokesperson  of the Department for Business.About 75 per cent of the properties Britain currently under investigation have been suspected of being used off-shore corporate secrecy.