Strides taken by Prime Minister David Cameron to tackle international corruption have been met with applause from business and campaigning organisations alike, but with warnings that measures need to be thought out and more needs to be done.
The Prime Minister plans to set up a register of foreign companies that own UK property, which the government said 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".
Business leaders backed Cameron's anti-corruption summit and policies, saying tacking international corruption should be a strategic goal.
Director general of the Institute of Directors Simon Walker said: "Businesses want to play their part in tackling corruption, so we congratulate the Government for their push to bring countries together to stamp out the abuses which are so damaging to the developing world in particular.
"Tackling international corruption in concert with other nations is rightly a key strategic goal of this Government, but they have to make sure that any new laws in this area are extensively consulted on before decisions are made."
And CBI acting director of competitive markets, Tom Thackray, said: "Corruption fundamentally undermines companies' ability to compete, create jobs and deliver prosperity. Business must be at the heart of efforts to root it out, showing strong shared values of openness, honesty and transparency.
"Today’s summit shows that the UK is ready to play a leading role in tackling corruption with important commitments such as increasing transparency of beneficial ownership. We must continue to use our international influence to ensure such measures are adopted on a global basis."
Meanwhile, campaigning group ONE lauded Cameron's leadership on anti-corruption as strong and that the summit had taken important steps in the fight against corruption, but the job is far from over.
ONE’s UK director Saira O’Mallie said: “David Cameron’s leadership on anti-corruption has been strong. But without public registers of the owners of companies and trusts in the British Overseas Territories, his summit hasn’t lived up to its potential.
“If the Prime Minister had secured this deal, it would have made it far harder for the corrupt to hide the huge amounts of money they siphon from developing countries.”
Cameron himself had written that "corruption is the cancer at the heart of so many of our problems in the world today," in a Guardian column ahead of the summit.
But just six countries – Britain, Afghanistan, Kenya, France, the Netherlands and Nigeria – agreed to publish registers of beneficial ownership, showing who really owns companies in their territories. Importantly overseas territories such as the British Virgin Islands will not be forced to publish a public register.
Oxfam UK's chief executive Mark Goldring also issued a warning that the communique from the summit doesn't go far though.
If corruption is a cancer then this summit has delivered some pain relief but not the major surgery needed to heal the global economy.
Until tax havens are required to publish public registers showing who really profits from shell companies, the corruption and tax dodging revealed by the Panama Papers will continue undisturbed and millions of people in both the UK and the world’s poorest countries will pay the price.
Meanwhile, Transparency International chair Jose Ugaz said: "This is a good day for the fight against corruption, but there is more to do.
"Well done to the countries that have shown leadership; but it is hard to credit those who still fail to make sufficient progress. We need to build on trust and a common agenda between governments, business and civil society so that we deliver more than words. We need actions to create change."
While 11 new jurisdictions have agreed to share information on beneficial ownership behind closed doors, key countries are missing, including major economies such as the US.