5^th April 2017, London – Proposals by the Department for Business, Energy and Industrial Strategy to bring in a public register revealing the true owners of overseas-owned UK property is a welcome move, that can bolster the UK in the fight against dirty money in our property market.  The Government had previously announced it would introduce this before April 2018, and this consultation should be a clear milestone on the way to the legislation, not a means of kicking the idea into the long grass.

Robert Barrington, Executive Director Transparency International UK, said:

“Knowing who owns houses and land in the UK is fundamental to preventing property being used as a safe haven for corrupt money.  At present, if you are a UK company owning property, you have to declare your 'beneficial owner' - it is a gaping hole that overseas companies don't need to do the same. If this consultation leads to implementation in April 2018, as the Government has promised, it will close a door and strengthen Britain's defences against money laundering. 

“The Government must not give way to the vested interests that will be lobbying to keep property ownership secret, or allow the Brexit discussions to see this being bumped off the list for action. This consultation is an important step in the UK fulfilling its international commitments and protecting its citizens against corrupt capital flows.”

***ENDS*** 

Notes:

• Recent research from Transparency International UK found that the presence of corrupt money in UK property is contributing to the UK’s housing crisis

Contact:

Dominic Kavakeb
020 3096 7695
079 6456 0340
Dominic.kavakeb@transparency.org.uk