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Overseas register for property assets
13 April 2017
The government is setting up a register of the identity of the owners of overseas businesses who hold property assets in the UK.
The register, a global first, will hopefully identify oligarchs, overseas government officials and politicians, who have used companies to purchase expensive homes, particularly in the capital.
The National Crime Agency is hoping the register will help it to trace criminal assets and help tackle money laundering. It was recently suggested that £122bn of property in Britain is owned by foreign companies. The concern is that 160 properties worth over £4.4bn have changed hands in secretive transactions.
The crime agencies Donald Toon said: “Greater transparency over the true ownership and control of UK property held in the name of overseas companies will make the UK a less attractive place to launder money.”
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