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UK property register 'needed urgently' to stop money laundering

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Proposals for the first register of foreign-owned property aimed at preventing “McMafia-style” money laundering should be put in practice urgently and reinforced to plug potential loopholes, the government has been told.

Draft legislation contains insufficient verification checks to deter criminals from submitting false information and could allow those exploiting trusts to circumvent controls, MPs and peers have said.

More than £90bn is estimated to be laundered illegally through the UK each year, according to the all-party parliamentary committee scrutinising the registration of overseas entities bill.

Illicit funds help sustain Britain’s inflated property market through the purchase of homes that are frequently left unoccupied, emptying the wealthier parts of London of residents.





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Journalists can be really dumb sometimes. Or maybe they can be very clever with their click-bait article titles.

The Land Registry is a register of Property.

The Overseas Entities Bill is, I hope, a register of overseas entities who - because they are registered (and verified - on a regular schedule?) - can own land in the UK, surely?

Still, I can see how this would be a good thing. Just that the management of the data within the register of overseas entities is a mammoth task. And you need to be able to speak all the languages ... not just Russian and Italian.

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