Prime Minister in the UK, David Cameron recently made a speech in Singapore publicising new methods which will hopefully end the use of offshore companies hiding those who use laundered cash to purchase high value property in the UK.
More than 100,000 properties collectively worth approximately £122 billion are registered to offshore companies at the moment in the UK, and the new measures could ultimately speed up the recovery of hidden money in different corporate structures.
‘An accurately transparent system can identify the ultimate beneficial owner of English properties will help combat those cheating the current arrangement and ultimately aid in recovering stolen goods for those who have lost money’.
Mr Cameron stated.
Criminal masterminds will be habitually attracted to international markets in order to launder their profits, so there will always be challenges for the UK and Singapore, therefore we can expect to see even better collaboration between countries’ respective law enforcement agencies, to share information and to assist one another with cross-border investigations in the fight against corruption in the UK.