David Cameron has guaranteed that foreign companies who wish to own or buy property in the UK will now be forced to reveal who actually owns them. This comes as he hosts a major international anti-corruption summit in London today.
The summit held in London, is set to expose corruption with the strong intention to crack down on money laundering and corruption. It will be attended by 50 different presidents and prime ministers from around the world. Overseas territories and Crown Dependencies who are accused of being tax harbours, are ready to agree to share ownership information on their countries companies.
It is suggested that around 100,000 properties in the UK are owned by foreign companies and more than 44,000 of those properties are in the capital.
David Cameron continues to discuss the issue saying “The evil of corruption reaches into every corner of the world. It lies at the heart of the most urgent problems we face – from economic uncertainty, to endemic poverty, to the ever-present threat of radicalisation and extremism….A global problem needs a truly global solution…That is why I am hosting this summit. Today is just the start of a more co-ordinated, ambitious global effort to defeat corruption.”