Obscures investigation
The consultation document states: The use of offshore corporate vehicles to obscure the true owners of UK property has attracted those who wish to hide illicit funds and launder the proceeds of crime.”
Over £180m ($224.6m, €210.6m) worth of property was investigated in the UK between 2004 and 2014 as suspected proceeds of corruption.
In January 2016, the National Crime Agency convicted a money launderer who used offshore companies to launder £12m stolen from Commerzbank through council properties in London.
“The secrecy that these offshore companies provided made it difficult for investigators to identify who owned the properties. Greater transparency of property ownership will make the job of enforcement agencies easier and will discourage criminals and the corrupt from choosing the UK to hide or launder their money,” the government said.
The 28 question consultation document closes on 15 May.
