hey hid behind shell companies secretly incorporated in tax havens to anonymously acquire London properties, thereby evading enhanced due diligence in the UK and blocking the Code of Conduct Bureau in Nigeria to determine their true worth or if they had amassed wealth their legitimate incomes could not justify.
The UK had been criticised for paying lip service to combat international corruption by leaving a legal loophole allowing overseas companies to own property without having to declare their beneficial owners.for Transparency International UK in London, WTO head and Nigeria’s former finance minister, Ngozi Okonjo-Iweala, condemned the UK for paying lip service to the fight against Illicit Financial Flows, IFFs.
“The Pandora Papers — like the Panama Papers before them — shed light on this shadow economy of tax avoidance, luxury homes and shell companies,” Mrs Okonjo-IwealaThe consequences of corruption and IFFs include undermining peace, democracy, and sustainable development in Nigeria and other corruption-blighted countries while harming the moral standing and long-term interests of the Global North countries like the UK, whose jurisdictions frequently serve as both channels and destinations for...
“There will be severe sanctions for those who do not comply, including restrictions on buying, selling, transferring, leasing or charging their land or property in the UK.” The affected companies have until 31 January 2023 to comply and the law applies to those that bought properties from 1 January 1999 in England and Wales and from 8 December 2014 in Scotland. But for Northern Ireland, it is from 1 August 2022, when the law came to force.
Good moves to stop these kleptomaniacs from plunging the nation's economy for their selfish ends.