Government wants to stay offshore companies buying property to launder illicit funds and evade taxOffshore companies buying UK property could be forced to reveal their ultimate owners under plans being considered by ministers to crack down on tax evasion and money laundering.
The proposals would shine a highlight on the foreign firms that hold billions of pounds in British property without having to declare who is behind them. It could also require foreign companies bidding for public sector contracts to do the same.
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Source: theguardian.com