UK property gives global corrupt a home

New report reveals that property covering 2.25 sq miles of London is owned by secret offshore companies

Issued by Transparency International UK



36,342 London properties covering a total of 2.25 sq miles are held by hidden companies registered in offshore havens says new research from Transparency International, published today.

The research – analysing data from the Land Registry and Metropolitan Police Proceeds of Corruption Unit – found that 75% of properties whose owners are under investigation for corruption made use of offshore corporate secrecy to hide their identities.

Transparency International today published a report, Corruption on your Doorstep: How corrupt capital is used to buy property in the UK, and launched an online campaign about corrupt money entering the UK property market. A visual story of this journey and interactive map detailing the number of offshore-owned homes per London borough can be viewed at ukunmaskthecorrupt.org

"There is growing evidence that the UK property market has become a safe haven for corrupt capital stolen from around the world, facilitated by the laws which allow UK property to be owned by secret offshore companies," said Dr Robert Barrington, Executive Director of Transparency International UK.

“This has a devastating effect on the countries from which the money has been stolen, and it’s hard to see how welcoming in the world’s corrupt elite is beneficial to communities in the UK.  It is astonishing that the UK has sleep-walked into this situation, and the Government needs to act quickly to make sure that the UK does not become the destination of choice for global corruption.

Some relatively simple measures would be a good start, such as the Land Registry requiring transparency over who owns the companies that own so much UK property.”

Key statistics

Transparency International makes 10 recommendations for reform, calling for buy in from the UK Government, lawyers, and estate agents to ensure that the UK property market is no longer a safe haven for corrupt funds. Action from the British Overseas Territories is also necessary to end this crisis. The key recommendation is that transparency should be established over who owns the companies that own so much property in the UK through making such transparency a Land Registry requirement.

###

Transparency International is the civil society organisation leading the fight against corruption

More Information:

To access the campaign microsite click here

To read and download the report click here

To read our blog on the findings from the research click here

To call on UK political party leaders establish transparency over who owns the companies that own so much property in the UK click here

To follow the news on Twitter use the hashtags #DoorStepCorruption and #OffShoreLondon


For any press enquiries please contact

Philip Jones
.(JavaScript must be enabled to view this email address)
+44 (0)20 7922 7962

Latest

Support Transparency International

Support Us

Fighting corruption in the age of “fake news”

"Fake news" has become a major threat to public trust in democracy and news media outlets over the past years. The fight against corruption is also affected.

Right to information: a tool for people power

Globally, approximately 120 countries have right to information laws. In some countries, these laws are top notch, but in others, the laws either don’t exist or need significant improvements. On International Right to Know Day, citizens are speaking out around the world to demand greater accountability from government. But are most people even aware of their right to request information in the first place?

Global Corruption Barometer - Latin America and the Caribbean 2019

The Global Corruption Barometer (GCB) – Latin America & Caribbean highlights the disproportionate effect that corruption has on women and a significant lack of political integrity among government leaders.

Mujeres y corrupción en Latinoamérica y el Caribe

A lo largo de la última década, cada vez más mujeres de Latinoamérica y el Caribe han alzado la voz en reclamo de igualdad de derechos para las mujeres y las niñas.

Women and corruption in Latin America & the Caribbean

The Global Corruption Barometer (GCB) – Latin America and the Caribbean is an important step for understanding how corruption affects women. For the first time, the GCB highlights data on sexual extortion, or sextortion, one of the most significant forms of gendered corruption. It also presents new data on women’s experiences of bribery.

Falta de integridad política en Latinoamérica y el Caribe, especialmente en torno a las elecciones

El Barómetro Global de la Corrupción - América Latina y el Caribe revela una falta de integridad política, especialmente en torno a los procesos electorales.

Political integrity lacking in Latin America and the Caribbean, especially around elections

The Global Corruption Barometer - Latin America and the Caribbean reveals a worrying lack of political integrity, especially around electoral processes.

Social Media

Follow us on Social Media