British Plan to Shine Light on Foreign Property Owners to Mean More AML Data

By Irene Madongo

A U.K. plan to require foreign businesses to disclose their owners when purchasing property would give bank compliance teams more data to sift through and more work to complete, say industry experts. In a 37-page proposal published earlier this month, the Department for Business Innovation & Skills (BIS) said it could soon assign foreign companies buying property in England and Wales a unique identifier number and require the firms to disclose their beneficial owners for inclusion in a register made available to law enforcement agents. The agency could impose similar disclosures on corporations bidding for governmental projects, a step that...