23:40 GMT +325 September 2017
Live
    City of London faces real danger of Britain doesn't stay in the single market

    UK to Oblige Foreign Companies to Disclose Information on Beneficiaries

    © Flickr/ Lukes_photos
    Europe
    Get short URL
    19932

    The UK government has announced that overseas companies which control property in the country, will have to reveal information on their true owners that will be later included in the public register in order to tackle corruption.

    LONDON (Sputnik) — Overseas companies in the United Kingdom, which control property in the country, will have to reveal information on their true owners that will be later included in the public register in order to tackle corruption, the UK government has announced.

    "We are committed to protecting the integrity and reputation of the UK property market and this register would be a valuable measure to increase transparency and investor confidence … the extension of transparency requirements, which UK owners are already subject to, levels the playing field and means we would know who owns and controls UK property wherever they are from," UK Business Minister Margot James said on Wednesday.

    According to the Wednesday statement released by the British government, the total amount of property, worth over 180 million pounds ($224 million), has been involved in corruption cases since 2004, with the majority of suspects using overseas companies to hide real owners.

    The UK government will launch a special research in order to access the potential impact of the foreign property public register on the investment and corporate sector.

    According to the government, the United Kingdom will be the first country to have such a register.

    Related:

    Azerbaijani Prosecution Opens Probe Into Foreign Companies Operating in Karabakh
    US Charges Foreign Company, 11 in Florida Over Violating Sanctions on Syria
    Indian Manufacturers Join Race to Cooperate With Foreign Defense Companies
    Tags:
    company, foreign, United Kingdom
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment