Cameron proposes strict corporate money laundering offence

The Prime Minister, David Cameron, has revealed plans to introduce a new offence for companies that fail to prevent money laundering or fraud in their firms.

Writing in The Guardian ahead of an anti-corruption summit today, he said all foreign companies buying UK property would have to disclose their ultimate owners in a public register.

Under the proposals, where an employee is charged with money laundering, the company would be considered liable if it failed to show it had procedures in places to stop fraud and money laundering.

Describing corruption as “one of the greatest enemies to progress”, the Prime Minister added that the new measures “will clean up our property market and send a clear message to the corrupt that there is no home for them here”.

Foreign companies own 100,000 properties south of the border, with more than 44,000 in London.

Mr Cameron added that if UK authorities believe a property was bought with illegal gains, it could result in a reversal of the burden of proof, with the owner requiring to demonstrate the funds used were legitimate or risk having their assets seized.