UK property register 'needed urgently' to stop money laundering

Proposals for the first register of foreign-owned property aimed at preventing “McMafia-style” money laundering should be put in practice urgently and reinforced to plug potential loopholes, the government has been told. Draft legislation contains insufficient verification checks to deter criminals from submitting false information and could allow those exploiting trusts to circumvent controls, MPs and peers have said. More than £90bn is estimated to be laundered illegally through the UK each year, according to the all-party parliamentary committee scrutinising the registration of overseas entities bill. Illicit funds help sustain Britain’s inflated property market through the purchase of homes that are frequently left unoccupied, emptying the wealthier parts of London of residents.