Government launches consultation to target illicit finance and corruption in property sector

A consultation launched by the government last week aims to ensure greater transparency and tackle corruption in the property industry.

Land ownership through a trust means someone legally owns and manages the land on behalf of the true owner and beneficiary.

The current identity of the beneficiary is not always recorded or publicly available, potentially leading to secrecy or corruption in the sector.

The new plans will mean residents, the media and the public will be able to find out more about who owns land and property, who can control it and receives financial benefit from it.

This adds to new transparency powers announced in the Levelling-up and Regeneration Act to demand more information on land and property ownership and look behind the legal ownership of property to find the true ownership.

Secretary of state for Levelling Up, Housing and Communities, Michael Gove, stated: “It matters who really owns land and property.

“It matters for how and where we build our homes, grow our food, and power our country.

“These proposals will lift the veil of secrecy currently afforded to land-holding trusts.

“Transparency about land ownership is crucial if we want to make our housing and land markets fairer.

"In its absence, injustices, corruption, and crime can flourish.”

Leave a comment