UK ‘laughing stock’ for failure to stem dirty money, says Lord Faulks QC, who was told to drop register by Theresa May’s No 10
A former Conservative minister, once at the heart of efforts to clamp down on money laundering in London, has revealed that during Theresa May’s premiership, No 10 “leant on him” when he tabled amendments to introduce a public register of overseas property owners.
Lord Faulks said he had first tried to put the register into the criminal finances bill in 2017 and then again into a government bill on money laundering in 2018. He had described the overseas ownership of dirty money in London as an obscenity.
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