Britain wants to act against money laundering through its real estate market

Singapore - Britain wants to take action against money laundering through its lucrative real estate market. British Prime Minister David Cameron promised today, according to Reuters, that the country will reveal the owners of anonymous foreign companies that may be hiding proceeds from crime in expensive real estate in London.
    Properties in some parts of the British capital are among the most expensive in the world. Foreign buyers face milder restrictions there than elsewhere, which, along with stable property rights, makes London real estate an attractive way to store money that retains its value.
    "We know that some high-value properties, particularly in London, are being purchased through fictitious companies by people from abroad, some of whom are using stolen or dirty money," said Cameron, who is on a four-day trip to Southeast Asia. "There is no place for dirty money in Britain," declared the British Prime Minister.
    According to Cameron, British authorities will create a central registry of properties owned by foreign companies in the coming months. London is also reportedly considering introducing rules that would require foreign companies seeking government contracts to provide detailed information about their ownership structure.
    In England and Wales, there are properties worth approximately £122 billion (4.6 trillion CZK) owned through companies based in tax havens, according to Cameron.
    The law firm Eversheds stated that while the planned measures are welcome, they alone cannot stop the flow of money across the real estate market. For the government to make real progress, according to economic crime expert Polly Sprenger, it will need to strive to trace "the real ultimate owners," those individuals behind the web of fictitious companies who profit from it.