The consultation will assess whether the changes would enable courts to prosecute corporate economic crime more effectively and comes amid a raft of anti-corruption measures proposed by the government, including forcing foreign companies that buy property in the UK to first join a new public register of beneficial ownership. Companies that already own UK property or bid for central government contracts will also have to comply.

Preventing money laundering  

According to Downing Street, the register ‘will mean corrupt individuals and countries will no longer be able to move, launder and hide illicit funds through London’s property market, and will not benefit from our public funds’.

It said foreign companies owned about 100,000 properties in England and Wales, with more than 44,000 of these in London.

Anti-Corruption Hub

The government will also create a new Anti-Corruption Innovation Hub, with countries including Afghanistan, France, Mexico and Switzerland to connect technology experts and data scientists with law enforcement and civil society to share techniques in tackling corruption.

Sources: The Law Society Gazette; BBC News