Money Laundering

Meeting: 
MQT on 2016-10-19
Session date: 
October 19, 2016
Reference: 
2016/3883
Question By: 
Unmesh Desai
Organisation: 
Labour Group
Asked Of: 
The Mayor
Category: 

Question

According to transparency international, 36,342 properties in London have been bought by hidden companies in offshore havens. The government committed to updating the law to ensure that when foreign companies buy properties in the UK, the real owners of those companies are recorded and the information is publicly available. Do you support these measures, will you feed in to the consultation, and will you press the Department for Business, Energy and Industrial Strategy (BEIS) for a timeline for the appropriate legislation to be brought forward?

Answer

Answer for Money Laundering

Answer for Money Laundering

Answered By: 
The Mayor

I support these measures and I have been calling for Government to update the law to make foreign company ownership of UK property more transparent for some time. My officers have recently met with the Department for Business, Energy and Industrial Strategy to discuss this matter. I hope the Government will publish a consultation later this year, and when they do so I will respond, and I will press for legislation to follow as soon as possible afterwards.