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TI-UK “disappointed” Government to miss own deadline on revealing true owners of companies buying UK property

17th January 2018, London – Speaking on behalf of the Government, Lord Ahmad has announced today in the House of Lords that the UK will not put forward primary legislation on introducing a public register, revealing the true owners of overseas companies buying UK property, until at least Summer 2019. This means the Government will miss its original deadline of this year.

Lord Ahmad announced:

  • Draft legislation to be tabled by this summer
  • Primary legislation during the second session (by summer 2019)
  • Aim to have the register operational by 2021

Transparency International UK is disappointed that the Government is further delaying the introduction of a vital tool in cracking down on laundering of corrupt money through the UK property market, particularly as it has cross party support.

Rachel Davies Teka, Head of Advocacy at Transparency International UK, said:

“Although I welcome a clear timetable being laid out, I am disappointed by the significant delay to primary legislation given the fact that the policy has cross party support, and has already undergone two consultations. The longer we have to wait for this register, the longer corrupt individuals will be able to use the UK property market to hide their wealth.”

 ***ENDS***

Notes

A separate amendment calling on more transparency in six of the British Overseas Territories was narrowly defeated during the Lords session, with the Government opposing the call.

Contact:

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

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Read 258 times Last modified on Wednesday, 17 January 2018 20:15

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