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U.K.’s Cameron Proposes Tougher Tack on Property Market Corruption

By Irene Madongo

The United Kingdom will consolidate data on land ownership by foreign firms and consider additional steps to crack down on the use of shell companies to purchase property with illicit funds. The effort, disclosed in a speech Tuesday by Prime Minister David Cameron, will target corrupt individuals who use offshore companies to disguise their ownership of property in England and Wales, where an estimated £122 billion in land is controlled by foreign entities. In an initial step, officials will collect and publish data on foreign landowners currently housed by the U.K. Land Registry, he said. "This will apply to around...

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