CAMERON PLANS TO NAME FOREIGN PROPERTY OWNERS

David Cameron

The summit on anti-corruption has thrown up a lot of dust. Prominent among these is the statement credited to British Prime Minister, David Cameron on Nigeria and Afghanistan been  fantastically corrupt countries.

Going forward, Cameron has said foreign firms that own property in the UK will have to declare their assets publicly in a bid to stamp out money-laundering, the government says.

Companies will have to be on a new register if they hold property or want to compete for government contracts.

The move comes as Prime Minister David Cameron attempts to lead a wider effort to crack down on global corruption. World leaders are gathering in London for a summit aimed at stepping up action to tackle the problem.

On funds 'siphoned', Downing Street said Mr Cameron's plans for a register of foreign companies owning UK property would include those who already owned property in the UK as well as those seeking to buy.

It said the register would mean "corrupt individuals and countries will no longer be able to move, launder and hide illicit funds through London's property market, and will not benefit from our public funds".

It said foreign companies owned about 100,000 properties in England and Wales and that more than 44,000 of these were in London.

credits: bbc.co.uk