UK Not A 'Safe Haven For Corrupt Money' David Cameron To Say

UK Not A 'Safe Haven For Corrupt Money' David Cameron To Say

London's property market could be providing a home to "dirty money", David Cameron will acknowledge as he announces measures to tackle shady foreign shell companies being used to buy luxury houses.

The Prime Minister will point to concerns that some properties are being bought with "plundered or laundered cash" and announce a consultation on increasing transparency.

Mr Cameron will say he will not allow the UK to become a "safe haven for corrupt money" as he announces the measures in a major speech during his tour of South East Asia.

For the first time, this autumn the Land Registry will publish information on property owned by foreign companies.

The Government will also consult on further ways to make property ownership by foreign companies much more transparent.

Mr Cameron will also say that officials are examining whether there is a case for insisting that any non-UK company wishing to bid on a contract with the UK government should also publicly state who really owns it.

The Prime Minister will deliver the speech in Singapore, the second stop of his south-east Asian tour, where he will praise the efforts made to tackle corruption there but argue that all countries - including the UK - have more to do.

He will highlight concerns that some properties in the United Kingdom, particularly in London, "are being bought by people overseas through anonymous shell companies, some with plundered or laundered cash".

Mr Cameron will say he is determined that "the UK must not become a safe haven for corrupt money from around the world".

The Prime Minister will add: "I want Britain to be the most open country in the world for investment. But I want to ensure that all this money is clean money.

"There is no place for dirty money in Britain. Indeed, there should no place for dirty money anywhere."

More than 100,000 property titles are registered to overseas companies, with more than 36,000 properties in the capital owned by offshore firms.

In total some £122 billion of property in England and Wales is owned by offshore companies.

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".

The Prime Minister will highlight the work done on the issue by Singapore's founding prime minister Lee Kuan Yew, who died earlier this year.

"One of the most under-stated, but most important elements of a rules-based world order is a commitment to transparency and to tackling corruption," he will say.

"No-one understood that better than Lee Kuan Yew. It was his commitment to tackling corruption that helped to give people confidence to invest in this incredible country.

"And it is no coincidence that Singapore's climb to the top end of the global indices for anti-corruption and ease of doing business have gone hand-in-hand with its great global success."

Before travelling to Singapore, Mr Cameron will carry out a series of engagements in the Indonesian capital Jakarta.

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