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Cameron in foreign home-buyers warning David Cameron: UK property no safe haven for 'dirty money'
(about 4 hours later)
Homes in the UK are being bought by foreigners with "plundered or laundered cash", David Cameron is to warn. Foreigners must be stopped from buying UK homes with "plundered or laundered cash" and a "global effort" launched to defeat corruption, David Cameron will say in a speech later.
The prime minister will vow to expose the use of "anonymous shell companies" to buy properties. Mr Cameron will vow to expose the use of "anonymous shell companies" to buy luxury UK properties - often in London.
His comments will come in a speech in Singapore about corruption where he will urge the international community to "step up and tackle" the problem. Speaking in Singapore, he will say the UK must not become "a safe haven for corrupt money from around the world".
Mr Cameron will say they UK "must not become a safe haven for corrupt money from around the world". He will say the international community must tackle the "cancer of corruption".
The prime minister is on a four-day tour of South East Asia, also visiting Indonesia, Malaysia, Vietnam. Mr Cameron is on a four-day tour of South East Asia, in which he will also visit Indonesia, Malaysia and Vietnam.
'Global effort''Global effort'
He has been accompanied by 31 British business leaders in an attempt to drum up trade with the UK and has also discussed the fight against terrorism with his counterparts.He has been accompanied by 31 British business leaders in an attempt to drum up trade with the UK and has also discussed the fight against terrorism with his counterparts.
Describing corruption as "the enemy of progress", he will call for a "global effort" to tackle it, saying the world has "looked the other way for too long".Describing corruption as "the enemy of progress", he will call for a "global effort" to tackle it, saying the world has "looked the other way for too long".
A 2014 report by anti-poverty organisation One said an estimated $1tn (£600bn) a year was being taken out of poor countries because of corruption, warning of the use of phantom firms and money laundering.A 2014 report by anti-poverty organisation One said an estimated $1tn (£600bn) a year was being taken out of poor countries because of corruption, warning of the use of phantom firms and money laundering.
And last week the National Crime Agency said foreign criminals were pushing up house prices in the UK by laundering billions of pounds through the purchase of expensive properties.And last week the National Crime Agency said foreign criminals were pushing up house prices in the UK by laundering billions of pounds through the purchase of expensive properties.
'Dirty money''Dirty money'
In his speech, Mr Cameron will say properties in the UK, particularly in London, "are being bought by people overseas through anonymous shell companies, some with plundered or laundered cash".In his speech, Mr Cameron will say properties in the UK, particularly in London, "are being bought by people overseas through anonymous shell companies, some with plundered or laundered cash".
Shell companies are non-trading companies that serve a particular purpose for their owners.Shell companies are non-trading companies that serve a particular purpose for their owners.
More than 100,000 UK property titles are registered to overseas companies, with more than 36,000 properties in London owned by offshore firms.
About £122bn of property in England and Wales is owned by offshore companies.
The government is to publish Land Registry data later this year, setting out which foreign companies own land and property in England and Wales.The government is to publish Land Registry data later this year, setting out which foreign companies own land and property in England and Wales.
It will also consider forcing a foreign company bidding for a government contract to "publicly state who really owns it".It will also consider forcing a foreign company bidding for a government contract to "publicly state who really owns it".
"There is no place for dirty money in Britain," Mr Cameron will add. "There is no place for dirty money in Britain. Indeed, there should no place for dirty money anywhere," Mr Cameron will add.