UK Government To Reveal Ownership Of Properties In The UK

This policy was being proposed by the PM David Cameron's government in 2016 before the exit of the government. Then it was planned that under Home Office proposals, suspected money launderers face having their cash or assets seized if they cannot prove that their gains are legitimate under an “unexplained wealth order”. Other powers to be revealed include an “illicit enrichment offence” to deal with officials who have a “significant and inexplicable increase in their assets”, reports.

“This action plan was to send a clear message that the British government will not no longer tolerate this type of activity their financial institutions,” Mrs May said. “We will forge a new partnership with industry to improve suspicious activity reporting, deliver deeper information sharing and take joint action on enforcement. And we will act vigorously against the criminals and terrorists responsible, to protect the security and prosperity of our citizens, and safeguard the integrity of Britain’s financial economy.”

The crackdown on money laundering and tax evasion comes in the wake of the Panama Papers scandal.

In a more interesting twist to the policy, according to punchng, the Mrs. Theresa May led Government will give the Federal Government information about Nigerians who own property in that country next year, a presidential aide has said.

Executive Secretary, Presidential Advisory Committee against Corruption, Prof. Bolaji Owosanoye, told the News Agency of Nigeria in New York that negotiations on this had reached advanced stage.

Owosanoye said the measure being taken by the governments of both countries was a step forward in the fight against corruption.

“There’s no doubt that rogues in government oppress and impoverish their people by corruption and this must be sanctioned by collective action.

“We need to make sure that there is no safe haven for you (corrupt officials) to run to.

“Britain has promised that by 2018, she will provide Nigeria with the information about who owns what and where; that’s very helpful.

“These include all the houses that have been bought by public officials or accounts that are held by public officials on which they are right now not paying taxes or which they cannot explain the sources.

“So if you cannot buy a house in England, you have to look for somewhere else.

“But if all countries criminalise this, then it becomes much more difficult unless you want to buy the house on Mars,” he said.

The presidential aide also explained that Nigeria and other African countries, who are victims of illicit financial flows, must challenge developed countries to block illicit financial flows from developing countries.
With Punch