Foreign companies which buy property in the UK will have to reveal who their true owners are in a public register, as David Cameron is set to outline tough new measures to crack down on money laundering. As an anti-corruption summit gets underway in London, Cameron will say it will be a corporate offence for executives who fail to prevent money laundering and fraud inside their companies.
Writing in the Guardian, Cameron said it would not be enough for firms to only try to prevent bribery and tax evasion. "We will clean up our property market and send a clear message to the corrupt that there is no home for them here," he said.
The Times reported that these reforms were included in the government's anti-corruption plan but faced resistance from some ministers. However this has changed in the wake of the Panama Papers' revelations.
The Times said among other measures for greater transparency to be announced are an International Anti-Corruption Co-ordination Centre to be set up in London as well as a sharing of data among 40 jurisdictions, including UK tax havens.
Cameron will tell the summit on Thursday 12 May, that there will be the start of a more coordinated global effort to defeat corruption.
"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," he will say.
The summit at Lancaster House follows Cameron's comments caught on camera telling the Queen that Afghanistan and Nigeria were "fantastically corrupt."
In response the Nigerian president Muhammadu Buhari admitted that his country was corrupt to a reporter but did not demand an apology, instead criticising how much money had already been stolen and remained in western countries.