London Daily

Focus on the big picture.
Saturday, Dec 13, 2025

Register of offshore owners of UK properties full of loopholes, say experts

Register of offshore owners of UK properties full of loopholes, say experts

Long-delayed and apparently feeble enforcement measures will fail to tackle corruption, it is predicted

The government’s long-delayed register of offshore owners of UK property will fail to tackle corruption unless multiple loopholes in the draft legislation are closed, experts have warned.

On Monday, the government announced it would introduce a “register of overseas entities” requiring anonymous foreign owners of UK property to publicly declare their true identities as part of its draft Economic Crime (Transparency and Enforcement) bill.

The legislation would require any overseas owner of a UK property, including an owner hiding behind secrecy devices such as shell companies, trusts or foundations, to disclose their identity to Companies House.

It would apply to any property in England and Wales bought by an overseas company within the past 20 years. Failure to comply with the register would be punished with a prison sentence of up to five years, or daily fines of up to £500.

Experts warned that the draft bill’s apparently feeble enforcement measures and seemingly endless delays to implementation would severely hamstring its effectiveness.

Steve Goodrich, head of research and investigations at the anti-corruption group Transparency International UK, said the bill’s proposed £500-per-day fine for non-compliance would be laughed off by corrupt officials.

“Where prosecution isn’t really an option, because for instance the owner lives in Russia, which doesn’t extradite its citizens, then you’re left with fines only. £500 a day is small change for those with deep pockets,” he said.

“We’re calling for graduated sanctions, increasing fines over a certain period, with the prospect of confiscation where non-compliance is stubborn.”


The timescale for the register being brought into force remains vague. The government announcement says “implementation will proceed at pace” once the bill has been passed by parliament, though it provides no details on dates.

Goodrich said the draft bill contained an 18-month “transition window” to allow overseas owners time to comply with the rules. “Those looking to make a swift exit for the door have it held wide open for them,” he complained.

A register of offshore property owners was first proposed in 2015 by David Cameron, as part of a raft of measures to prevent criminals and corrupt foreign officials from laundering money through expensive UK property.

Legislation to enact it has been delayed for years, amid suspicion that lobbyists and some politicians have sought to delay it.

Questions also remain as to what checks will be conducted to ensure that those registering under the new law are telling the truth, according to Graham Barrow, a financial crime consultant.

Barrow has for years warned that Companies House, which administers company registration in the UK, allows company owners and directors to file obviously false information. Last month he identified a newly registered UK company with share capital of £146tn, which is more than twice the GDP of the entire world.

He said that unless the government accelerated plans to require Companies House to verify company information, overseas owners of property could circumvent the new register by owning their offshore company through the UK, and providing incorrect details to the Companies House.

On Monday the government released a white paper about Companies House reform, which sets out the government’s position on the issue and is a precursor to possible draft legislation.

“I don’t understand why we’re getting a white paper on something that the government has consulted on, sat on, for years,” Barrow said.


 


Newsletter

Related Articles

0:00
0:00
Close
Ex-ICC Prosecutor Alleges UK Threatened to Withdraw Funding Over Netanyahu Arrest Warrant Bid
UK Disciplinary Tribunal Clears Carter-Ruck Lawyer of Misconduct in OneCoin Case
‘Pink Ladies’ Emerge as Prominent Face of UK Anti-Immigration Protests
Nigel Farage Says Reform UK Has Become Britain’s Largest Party as Labour Membership Falls Sharply
Google DeepMind and UK Government Launch First Automated AI Lab to Accelerate Scientific Discovery
UK Economy Falters Ahead of Budget as Growth Contracts and Confidence Wanes
Australia Approves Increased Foreign Stake in Strategic Defence Shipbuilder
Former UK Prime Minister Boris Johnson proclaims, “For Ukraine, surrendering their land would be a nightmare.”
Microsoft Challenges £2.1 Billion UK Cloud Licensing Lawsuit at Competition Tribunal
Fake Doctor in Uttar Pradesh Accused of Killing Woman After Performing YouTube-Based Surgery
Hackers Are Hiding Malware in Open-Source Tools and IDE Extensions
Traveling to USA? Homeland Security moving toward requiring foreign travelers to share social media history
UK Officials Push Back at Trump Saying European Leaders ‘Talk Too Much’ About Ukraine
UK Warns of Escalating Cyber Assault Linked to Putin’s State-Backed Operations
UK Consumer Spending Falters in November as Households Hold Back Ahead of Budget
UK Orders Fresh Review of Prince Harry’s Security Status After Formal Request
U.S. Authorises Nvidia to Sell H200 AI Chips to China Under Security Controls
Trump in Direct Assault: European Leaders Are Weak, Immigration a Disaster. Russia Is Strong and Big — and Will Win
"App recommendation" or disguised advertisement? ChatGPT Premium users are furious
"The Great Filtering": Australia Blocks Hundreds of Thousands of Minors From Social Networks
Mark Zuckerberg Pulls Back From Metaverse After $70 Billion Loss as Meta Shifts Priorities to AI
Nvidia CEO Says U.S. Data-Center Builds Take Years while China ‘Builds a Hospital in a Weekend’
Indian Airports in Turmoil as IndiGo Cancels Over a Thousand Flights, Stranding Thousands
Hollywood Industry on Edge as Netflix Secures Near-$60 Bln Loan for Warner Bros Takeover
Drugs and Assassinations: The Connection Between the Italian Mafia and Football Ultras
Hollywood megadeal: Netflix acquires Warner Bros. Discovery for 83 billion dollars
The Disregard for a Europe ‘in Danger of Erasure,’ the Shift Toward Russia: Trump’s Strategic Policy Document
Two and a Half Weeks After the Major Outage: A Cloudflare Malfunction Brings Down Multiple Sites
UK data-regulator demands urgent clarity on racial bias in police facial-recognition systems
Labour Uses Biscuits to Explain UK Debt — MPs Lean Into Social Media to Reach New Audiences
German President Lays Wreath at Coventry as UK-Germany Reaffirm Unity Against Russia’s Threat
UK Inquiry Finds Putin ‘Morally Responsible’ for 2018 Novichok Death — London Imposes Broad Sanctions on GRU
India backs down on plan to mandate government “Sanchar Saathi” app on all smartphones
King Charles Welcomes German President Steinmeier to UK in First State Visit by Berlin in 27 Years
UK Plans Major Cutback to Jury Trials as Crown Court Backlog Nears 80,000
UK Government to Significantly Limit Jury Trials in England and Wales
U.S. and U.K. Seal Drug-Pricing Deal: Britain Agrees to Pay More, U.S. Lifts Tariffs
UK Postpones Decision Yet Again on China’s Proposed Mega-Embassy in London
Head of UK Budget Watchdog Resigns After Premature Leak of Reeves’ Budget Report
Car-sharing giant Zipcar to exit UK market by end of 2025
Reports of Widespread Drone Deployment Raise Privacy and Security Questions in the UK
UK Signals Security Concerns Over China While Pursuing Stronger Trade Links
Google warns of AI “irrationality” just as Gemini 3 launch rattles markets
Top Consultancies Freeze Starting Salaries as AI Threatens ‘Pyramid’ Model
Macron Says Washington Pressuring EU to Delay Enforcement of Digital-Regulation Probes Against Meta, TikTok and X
UK’s DragonFire Laser Downs High-Speed Drones as £316m Deal Speeds Naval Deployment
UK Chancellor Rejects Claims She Misled Public on Fiscal Outlook Ahead of Budget
Starmer Defends Autumn Budget as Finance Chief Faces Accusations of Misleading Public Finances
EU Firms Struggle with 3,000-Hour Paperwork Load — While Automakers Fear De Facto 2030 Petrol Car Ban
White House launches ‘Hall of Shame’ site to publicly condemn media outlets for alleged bias
×