UK property should not be haven for world’s dirty money, say MPs

The prime minister is facing calls from more than 40 cross-party MPs to table legislation to stop the use of UK property for economic crime. The calls come as a rise in ownership in offshore tax havens is said to have placed the country “at the heart of the world’s dirty money crisis”. Seventeen Tory backbenchers and peers are among those urging the prime minister to bring forward legislation to introduce a register of overseas entities that own UK property. Draft legislation has been ready since 2018, but has yet to reach the statute book. The MPs are also calling for reforms to the companies register after criticism that the database is too easily abused by money launderers and fraudsters. They want an Economic Crime Bill to be included in this parliamentary session. The National Crime Agency has estimated that money laundering costs the UK £100bn per year. MPs said the prime minister should ensure that Britain has “the most transparent financial sector in the world”. The Times (£)