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New Disclosures for U.K. Companies on Owner Registry

Aarti Maharaj | April 8, 2015

Ownership registry in the U.K. has sparked some lively debate in recent years. 

Transparency International (TI) announced earlier this week that a new law is in place for U.K. companies to self-report its true owners. According to the international organization, this unprecedented move will help crack down on anti-money laundering and tax evasion practices.    

The new law requires that U.K. companies disclose more information related to their true owners such as their full name and nationality—to Companies House, which until now, never called for this information.

Recent research published by TI indicates that more than 36,000 of London properties reaching up to 5.8 kilometers are held by “hidden companies” that are registered offshore. In 2011, £3.8 billion worth of U.K. properties were bought by companies registered in the British Virgin Islands.

Data obtained from the Land Registry and Metropolitan Police Proceeds of Corruption Unit, reveals that the...

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