Speaking on behalf of the Government, Lord Ahmad announced in the House of Lords on 17 January 2018 that the UK will not put forward primary legislation on introducing a public register, revealing the true owners of overseas companies buying UK property, until at least Summer 2019. This means the Government will miss its original deadline of this year.
Lord Ahmad announced:
- Draft legislation to be tabled by this summer
- Primary legislation during the second session (by summer 2019)
- Aim to have the register operational by 2021
Transparency International UK is disappointed that the Government is further delaying the introduction of a vital tool in cracking down on laundering of corrupt money through the UK property market, particularly as it has cross party support.
Rachel Davies Teka, Head of Advocacy at Transparency International UK, said, “Although I welcome a clear timetable being laid out, I am disappointed by the significant delay to primary legislation given the fact that the policy has cross party support, and has already undergone two consultations. The longer we have to wait for this register, the longer corrupt individuals will be able to use the UK property market to hide their wealth.”
* Transparency International UK http://www.transparency.org.uk/
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