Hidden Owners: £19 Billion UK Properties

0:00On March 4, nearly 45,000 properties in England and Wales worth 190 billion pounds have owners hidden from public. View. This appears to break new anti-money laundering rules meant to expose who really controls UK real estate owned by overseas companies. The Economic Crime Act passed in March 2022, gave foreign owners until January 31, 2023 to declare their beneficial owners with companies' house. The goal was to stop money laundering and hiding dirty money in British homes and buildings, backed by fines and possible jail time. Experts at tax policy associates reviewed almost 98,000 offshore registered properties and found widespread non-compliance. Many lists no owner, another offshore firm, or a trust without details. A former tax lawyer warns a big chunk seems intentional, possibly for dodging taxes or busting sanctions. Most undeclared properties sit in London, totaling 107 billion pounds in value, often held

1:02by trusts. Jersey leads, with over 3,234 such cases, followed by the British Virgin Islands and others. Saudi-linked properties show the highest failure rate at over 92%. Officials promised to study the findings closely, issuing warnings and penalties to non-compliant owners. These entities can't sell, lease, or finance their holdings, pushing for better transparency in the property market.