Britain announces public register against money laundering

Britain has announced the world's first public register that requires overseas companies that own or buy property in the country to provide details of their ultimate owners. The government is set to publish relevant draft laws and the register will go live by early 2021.

British Business Secretary Greg Clar k said, this register will build on their reputation for corporate transparency as well as help create a hostile environment for economic crimes like money



laundering.

A spokesperson of the Department for Business, Energy and Industrial Strategy said properties in Britain worth 250 million dollars has been under criminal investigation for being linked to corruption since 2004.

Over 75 per cent of the properties currently under investigation have been suspected of being used off-shore corporate secrecy, a tactic regularly seen by investigators pursuing high-level money laundering, added the spokesperson.