January 19 2018
Britain’s Department for Business, Energy and Industrial Strategy on Thursday announced the world’s first public register that requires overseas companies which own or buy property in the country to provide details of their ultimate owners. The register is a move by the government to crack down on criminals who launder money through the British property market.
A government spokesperson said properties in Britain worth 250 million U.S. dollars has been under criminal investigation for being linked to corruption since 2004. The government is set to publish relevant draft laws this summer. The register will go live by early 2021.
