UK unveils plans to stem 'dirty money' in London property market

London

BRITISH Prime Minister David Cameron announced plans on Thursday to stop the flow of dirty money through the London property market, as he prepared to welcome world leaders and NGOs (non-governmental organisations) to an anti-corruption summit.

The foreign firms that own more than 100,000 titles in Britain, many of them anonymous offshore companies, will have to reveal their true owners, as will any foreign firms buying new property or bidding for government contracts.

The measures, intended to combat money laundering, were announced as Mr Cameron seeks to build on public anger over the leaked Panama Papers to secure a new global commitment to tackle corruption at the summit. The presidents of Nigeria, Afghanistan, Colombia, Ghana, Norway and Sri Lanka, US Secretary of State John Kerry and the heads of the World Bank and IMF (International Monetary Fund) are …