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UK Adopts Property Register

By Staff Reporter

The British government today introduced a property register aimed availing transparency in the property investment sector and clamp down ‘dirty money’ as the country has froze billions in assets owned by Russian linked firms it has accused of corruption and klyptocracy.

The move was argued as representative of the western country’s stance towards curbing corruption through fostering for accountability in the property sector through registering every foreign property owner.

Business Minister Lord Callanan said, “We have been clear that the UK is a place for legitimate business only, and to ensure we are free of corrupt elites with suspicious wealth, we need to know who owns what.By getting this first of its kind register up and running at breakneck speed, we are lifting the curtain and cracking down on those criminals attempting to hide their illicitly obtained wealth.”

Companies House Chief Executive Louise Smyth concured in saying “The launch of this new register is a significant milestone in the history of Companies House and marks a turning point in our transformation as we look to play a much greater role in tackling economic crime. We have worked at great pace with colleagues and stakeholders across government and beyond to make this possible, and we remain committed to supporting these partners as the register is implemented.”

The move was viewed as enabling transparent operations as the launch of the register curtailed the use of UK properties as laundering hubs while availing universal access to the register.

Rebecca Lee, Chief Impact Officer, Open Corporates: The ability to hide and spend suspect funds overseas is a large part of what makes serious corruption and organised crime possible. Open Corporates welcomes the launch of this register as a significant step for corporate transparency and a deterrent to the use of UK property for laundering the proceeds of crime. Importantly, the Register of Overseas Entities will be openly accessible to all – allowing everyone to shine a light on its contents.”

Furthermore, Rachel Davies Teka, the Advocacy Director, Transparency International said, “Transparency over the property sector is vital to help tackle criminals and the corrupt using Britain as a haven for their dirty money. This register should help start to lift the veil of secrecy over offshore companies that own real estate in the UK – a loophole that has been exploited by oligarchs and kleptocrats for too long.”

The move comes at a time the Ukrainian war has heightened frustration between the WEST and Russia resultant in multiple asset freeze with alleged Putin ally, Roman Abromovitch having arguably been the hardest hit as he recently lost his football team Chelsea.

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