British Prime Minister David Cameron has declared war on shell companies that invest ill gotten gains in the country.
“There is no place for dirty money in Britain,” Cameron said Tuesday in Singapore.
The government came under criticism this week after an official in the National Crime Agency said foreign criminals are driving up property values in London when they stash laundered money in real estate.
Cameron said the UK Land Registry will publish data on foreign companies that own real estate in England and Wales, affecting about 100,000 property titles, the Wall Street Journal reports.
He said the government will look into ways to make foreign companies more transparent.
“London is not a place to stash your dodgy cash,” he said.
Cameron cited the case of James Ibori, a former Nigerian governor who was sentenced to 13 years in prison in the UK for laundering money.
He owned property in St John’s Wood, Hampstead, Regent’s Park and Dorset, all of which Cameron said was paid for with money stolen from the Nigerian people.
A wider UK probe into Delta State, where Ibori was governor, led to the prison sentence handed down Friday for Ibori’s brother-in-law for money laundering.
“We have got to find ways to make property ownership by foreign companies much more transparent,” Cameron said.
– Contact us at email@example.com