The UK government has been observing proposals in order to implement the first register of foreign-owned property, designed to prevent what politicians are calling a widespread Mafia-style money laundering epidemic. should be put in practice urgently and reinforced to plug potential loopholes, which many foreign buyers are privy to. The real figure of laundered funds via real estate over the last decade has been largely unreported.
The current draft legislation does not have sufficient checks to verify and validate investor information. Which does not deter criminal activity and tax avoiders from submitting falsified information and thereby could potentially allow those exploiting trusts and real estate assets to circumvent controls, Members of Parliament and politicians have released.