At an anti-corruption summit on 12 May David Cameron is expected to announce plans to unmask the details of overseas shell companies used by criminals to mask ownership and taxable assets.
Offshore companies holding £170bn of British property will shortly be exposed by the government, The Times has reported.
At an anti-corruption summit on 12 May David Cameron is expected to announce plans to unmask the details of overseas shell companies used by criminals to mask ownership and taxable assets.
A government consultation paper reportedly read: “Property can provide a convenient vehicle for hiding the proceeds of crime.
“The high values of property in London in particular presents an opportunity for criminals to launder considerable sums of money.”
It recommended for offshore companies buying property in the UK to reveal “people with significant control” over their operations.
Muammar Gaddafi’s son Saif, corrupt Nigerian governor James Ibori and Rakhat Aliyev, the deputy head of Kazakhstan’s secret police, have all used offshore vehicles to buy in London.
