Anti Corruption Property Ownership Register

Anti-Corruption Property Ownership Register.

Amidst the political ‘spat’ between the UK and Nigeria over corruption comments and Nigeria asking for UK to return ‘illegal trade’ assets hidden inside UK banks and no doubt property, companies and trusts, the UK has confirmed it will legislate to promote greater transparency and reduce money laundering.

The first move by UK is to force foreign companies that own property in the UK to register on new Foreign Companies Property Register.

In addition, as part of the summit, most so called ‘tax havens’, many of which are British Dependent Territories, will join a group of already 30 nations to publish details of beneficial ownership of international business companies and trusts established in their jurisdictions.

Comment

Given that information will be available to the Police and Tax authorities, is clearly is for the public good where individuals or companies are not paying taxes that they should be.