Foreign companies that already hold or want to purchase UK assets will now be forced to reveal who owns them.
Prime minister David Cameron announced the measure today at an international summit to stamp out corruption.
Any international company that wishes to buy property or bid for government contracts must now first join a public register of beneficial ownership – the first of its kind.
The register is intended to prevent corrupt individuals and countries from moving, laundering or hiding illicit money through property and from benefitting from public funds.
Foreign companies own around 100,000 properties in England and Wales. More than 44,000 of these are in London.
Nigeria, Afghanistan, Italy, Jordan and Argentina have committed to take similar action.
Speaking at the summit, Cameron said: “The evil of corruption reaches into every corner of the world. It lies at the heart of the most urgent problems we face – from economic uncertainty, to endemic poverty, to the ever-present threat of radicalisation and extremism.
“A global problem needs a truly global solution. It needs an unprecedented, courageous commitment from world leaders to stand united, to speak into the silence, and to demand change.”
The UK will also establish an International Anti-Corruption Coordination Centre, in partnership with the US, Canada, Australia, New Zealand, Switzerland and Interpol.
The partnership will work together across borders to investigate and prosecute corrupt individuals and organisations and recover stolen assets.
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