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| Offshore secrets: government refuses to act on disclosures | Offshore secrets: government refuses to act on disclosures |
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| Offshore owners of British houses and office blocks are to continue to be allowed to conceal their identities, the business department has said. A spokesman said the coalition government wanted to "encourage foreign investment". | Offshore owners of British houses and office blocks are to continue to be allowed to conceal their identities, the business department has said. A spokesman said the coalition government wanted to "encourage foreign investment". |
| The BIS department, headed by Vince Cable, has refused to act on disclosures by the Guardian's Offshore Secrets series this week, that the price of housing is being driven up in London by thousands of secret buyers, some from controversial regimes. The UK Land Registry, part of BIS, allows buyers to conceal their identities by recording an anonymous British Virgin Islands offshore entity as the purchaser, often incorporated purely to disguise the true ownership. | The BIS department, headed by Vince Cable, has refused to act on disclosures by the Guardian's Offshore Secrets series this week, that the price of housing is being driven up in London by thousands of secret buyers, some from controversial regimes. The UK Land Registry, part of BIS, allows buyers to conceal their identities by recording an anonymous British Virgin Islands offshore entity as the purchaser, often incorporated purely to disguise the true ownership. |
| A BIS spokesman said: "The UK encourages foreign investment and has no plans to stop overseas companies from registering as owners of property with the Land Registry." | A BIS spokesman said: "The UK encourages foreign investment and has no plans to stop overseas companies from registering as owners of property with the Land Registry." |
| Cable has, though, ordered an inquiry into one aspect of the Guardian's disclosures, that a small group of largely British sham directors are helping the offshore company owners conceal their identities by selling their names for use on legal documents. But he is refusing to order a halt to growing anonymity of Britain's supposedly public land registry records. | Cable has, though, ordered an inquiry into one aspect of the Guardian's disclosures, that a small group of largely British sham directors are helping the offshore company owners conceal their identities by selling their names for use on legal documents. But he is refusing to order a halt to growing anonymity of Britain's supposedly public land registry records. |
| The BIS statement said: "Our review will be looking at the legal framework and its enforcement as it applies to company directors, in order to tackle those who seek to abuse UK law. At present, it will not focus on the ability of offshore companies to purchase property in the UK." | The BIS statement said: "Our review will be looking at the legal framework and its enforcement as it applies to company directors, in order to tackle those who seek to abuse UK law. At present, it will not focus on the ability of offshore companies to purchase property in the UK." |
| The present government's predecessors, the Labour administration of Tony Blair, were also persuaded to reject recommendations for transparency made in a 2001 report by Treasury official Andrew Edwards. The Edwards report said: "If public policy emphasises privacy above transparency, the greatest beneficiaries are likely to be criminals." | The present government's predecessors, the Labour administration of Tony Blair, were also persuaded to reject recommendations for transparency made in a 2001 report by Treasury official Andrew Edwards. The Edwards report said: "If public policy emphasises privacy above transparency, the greatest beneficiaries are likely to be criminals." |
| His report said a truthful land register would be "invaluable for law enforcement, regulatory and tax authorities", would "deter the unscrupulous from putting the proceeds of crime into property assets" and would be "helpful in tracing bankrupt persons and combating mortgage fraud". | His report said a truthful land register would be "invaluable for law enforcement, regulatory and tax authorities", would "deter the unscrupulous from putting the proceeds of crime into property assets" and would be "helpful in tracing bankrupt persons and combating mortgage fraud". |
| This year campaigners Global Witness renewed the call for offshore ownerships to be revealed, saying the British secrecy system could conceal the looting of assets from countries in Africa and Asia. "Keeping information about who owns and controls companies secret makes life easy for the world's criminals," said campaigner Rosie Sharpe. "What's needed are public registries of the true, beneficial owners of companies … the UK's Department for Business, Innovation and Skills should ensure that UK companies cannot be abused by the world's criminals." | This year campaigners Global Witness renewed the call for offshore ownerships to be revealed, saying the British secrecy system could conceal the looting of assets from countries in Africa and Asia. "Keeping information about who owns and controls companies secret makes life easy for the world's criminals," said campaigner Rosie Sharpe. "What's needed are public registries of the true, beneficial owners of companies … the UK's Department for Business, Innovation and Skills should ensure that UK companies cannot be abused by the world's criminals." |
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