Britain seeks to stop “dirty money” hiding in UK property market

2014 report by anti-poverty organization One said an estimated $1tn a year was being taken out of poor countries because of corruption, warning of the use of phantom firms and money laundering.

Donald Toon, the agency’s economic crime director, warned their investments are “skewing” the market.

This follows findings from the campaign group Transparency worldwide that 36,342 London properties covering 2.25 square miles were owned by offshore companies.

It will also consider ways of making the ownership of those companies transparent, Cameron said.

“It’s time the Mayor makes clear that money laundering will not be tolerated in the capital”.

Mr Cameron will say he is determined that “the UK must not become a safe haven for corrupt money from around the world”. “We need to stop corrupt officials or organised criminals using anonymous shell companies to invest their ill-gotten gains in London property, without being tracked down“, he said.

Prime minister David Cameron has announced a clampdown on corruption that could include forcing firms bidding for UK government contracts to state their true ownership.

“They are welcome in Britain”. In his speech, he said Singapore and Britain share a “special friendship” beyond a commitment to better trade and investment, and based on a shared history and outlook on the world.

Purchasing high-value mansions in London with anonymised offshore accounts is regarded as an easy way for foreign criminals and corrupt foreign leaders to “clean” large sums of stolen money in a single transaction. Indeed, there should no place for dirty money anywhere.

“That is my message to foreign fraudsters: London is not a place to stash your dodgy cash”.

“I believe the government is asking too much of agents to try to detect highly sophisticated fraud”, said Jeremy Leaf, former residential sales chairman of the Royal Institution of Chartered Surveyors (Rics).

Mr Cameron will claim that defeating the “cancer of corruption in all its forms” will “strike the biggest blow for our generation in the struggle to ensure greater prosperity in every part of the world”.

“So I’ll continue to make the case for transparency with worldwide partners – including the British Overseas Territories and Crown Dependencies”.

“The corrupt, the criminals, the money-launderers – they need anonymous company structures to hide, move and access their loot”.