Property: Money Laundering

HM Treasury written question – answered on 24th April 2017.

Alert me about debates like this

Photo of David Lammy David Lammy Labour, Tottenham

To ask Mr Chancellor of the Exchequer, what steps his Department is taking to ensure that the proceeds of (a) tax evasion, (b) tax avoidance, (c) corruption and (d) other criminal activities are not used to purchase property in the UK.

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

The Government is determined to make the UK a hostile environment for illicit finance and is making the biggest changes to our anti-money laundering and counter-terrorist financing regime in a decade.

The Government announced in March that the Money Laundering Regulations 2017 will clarify that estate agents must undertake customer due diligence measures on purchasers as well as sellers in a property transaction.

In addition, the Criminal Finances Bill provides new investigative powers, including Unexplained Wealth Orders, that will make it easier for our law enforcement agencies to investigate money laundering in the London property market and recover the proceeds of crime.

The Bill also contains new offences of corporate failure to prevent tax evasion, which will help ensure that companies that facilitate tax evasion will face penalties.

Furthermore, the Government has recently published a call for evidence seeking views on a new register of overseas companies that own property in the UK.

Does this answer the above question?

Yes1 person thinks so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.