Kleptocrats who sell property to avoid it being listed in a new public register may be forced to declare their details upon sale anyway.
Business minister Paul Scully revealed that the government was preparing to add the measures to the Economic Crime Bill, as MPs vowed to toughen up the bill as it passes through parliament.
MPs are demanding that the bill, which was rushed through the House of Commons on Monday, close loopholes allowing the false reporting of assets. They also expressed significant concern about the enforcement of the new requirements, as well as new sanctions and the low budget for implementation compared with countries such as the US.
Under the government proposals, owners will have six months to register their ownership, even though Labour has called for that to be cut to 28 days.
But Scully said the new measures would mean that “for anyone selling, we would be giving them a zero-day transition period”.
