David Cameron targets London property fraudsters

David Cameron targets London property fraudsters



David Cameron has outlined plans to increase transparency of foreign companies investing in UK property….


 David Cameron has outlined plans to increase transparency of foreign companies investing in UK property.

The Prime Minister said £122bn of property in England and Wales was owned by offshore companies with many investing in high-value property in London. 
Many of these properties are being bought by people overseas through anonymous shell companies, some of which have plundered or laundered cash. 
“Just last week, there were allegations of links between a former Kazakh secret police chief and a London property portfolio worth nearly £150m,” said Cameron.
“I’m determined that the UK must not become a safe haven for corrupt money from around the world. 
“We need to stop corrupt officials or organised criminals using anonymous shell companies to invest their ill-gotten gains in London property, without being tracked down.”
Cameron confirmed there were a number of ways the country could do this, such as extending what the government asked of UK companies to foreign companies too. 
“I have asked the Land Registry to publish this autumn data on which foreign companies own which land and property titles in England and Wales,” added Cameron.
“This will apply to around 100,000 titles held on the Land Register and will show for the first time the full set of titles owned by foreign companies.”
Cameron did confirm that the majority of foreign-owned businesses that invested in property in the UK were entirely legitimate and proper but issued a warning to those who weren’t.
“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: London is not a place to stash your dodgy cash.”
 


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