Transparency International UK has urged the government on Tuesday to submit a bill before Christmas that would help unmask those who own property in the United Kingdom through offshore companies, following a huge data leak on the alleged financial secrets of over 35 current and former world leaders, as well as more than 330 politicians and officials from across the globe
LONDON (Pakistan Point News / Sputnik - 05th October, 2021) Transparency International UK has urged the government on Tuesday to submit a bill before Christmas that would help unmask those who own property in the United Kingdom through offshore companies, following a huge data leak on the alleged financial secrets of over 35 current and former world leaders, as well as more than 330 politicians and officials from across the globe.
The advocacy group's call comes after the so-called Pandora papers, released on Sunday by the International Consortium of Investigative Journalists, allegedly revealed that the true owners of more than 4 billion ($5.4 billion) worth of UK real estate are foreign politicians, entrepreneurs and other individuals. While it is legal to use offshore schemes to buy property in the UK, such schemes could technically be used to avoid paying taxes or otherwise mislead authorities.
"If ministers are serious about tackling the flow of corrupt and criminal wealth into the property market, we see no reason why this could not be tabled before Christmas," Duncan Hames, director of Policy at the anti-corruption group, said in a press release.
The British government committed to making the identity of the real owners of overseas companies holding UK property more transparent in 2016, but the Registration of Overseas Entities Bill is still under pre-legislative scrutiny.
According to Transparency International UK, the legislation would close a loophole that allows individuals to buy and sell UK property anonymously by using companies registered in secretive jurisdictions like the British Virgin Islands.
