UK Drafts Bill on Information Disclosures in Real Estate Deals for Entities, Reports Say

MOSCOW (Sputnik) - The housing ministry of the United Kingdom drafted a bill, which would obligate companies, trusts and organisations of other nature involved in real estate transactions to disclose their true beneficial owners, the Telegraph newspaper reported.

"We want to shut down the racket of illicit money that has flooded through the British property market once and for all. Our property market will no longer be open to corrupt individuals and regimes laundering their money and hiding their identity", the housing minister, Michael Gove, was quoted as saying by the newspaper.

The legislation is targeted against "Russian oligarchs who use remaining loopholes to buy and sell vast homes under a cloak of anonymity", the Telegraph noted.

If this bill is passed, any entity will have to send the information about the true beneficiary to the the Land Registry before the purchase is completed.