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

La Justicia española debe investigar el lavado de imagen de Azerbaiyán en Europa

Tres políticos españoles —Pedro Agramunt, Agustín Conde Bajén y Jordi Xuclá— se encuentran entre los delegados ante la Asamblea Parlamentaria del Consejo de Europa (APCE) sobre los que pesan sospechas de haberse beneficiado con la maniobra del “Laundromat”.

Clean up Spain – Justice for Azerbaijan’s reputation laundering in Europe

In Azerbaijan, critical voices are routinely suppressed. Meanwhile in Europe, politicians suspected of helping whitewash Azerbaijan’s record on human rights enjoy impunity. Join our campaign to urge authorities in Spain to investigate.

Everything you need to know about the 18th International Anti-Corruption Conference (#18IACC)

The #18IACC will take place from 22-24 October in Copenhagen, Denmark under the theme Together for Development, Peace and Security: Now is the Time to Act. Get the latest info and updates here!

Risky business: Europe’s golden visa programmes

Are EU Member States accepting too much risk in their investor migration schemes?

Future Against Corruption Award 2018

TI is calling on young people across the globe to join the anti-corruption movement. People between the age of 18 and 35 are invited to submit a short video clip presenting their idea on new ways to fight corruption. Three finalists will be invited to Berlin during the International Anti-Corruption Day festivities to be awarded with the Future Against Corruption Award. Apply today!

The Azerbaijani Laundromat one year on: has justice been served?

In September last year, a massive leak of bank records from 2012 to 2014 showed that the ruling elite of Azerbaijan ran a $3 billion slush fund and an international money laundering scheme. One year on, has enough been done to hold those involved to account?

Right to information: knowledge is power

The right to information is vital for preventing corruption. When citizens can access key facts and data from governments, it is more difficult to hide abuses of power and other illegal activities - governments can be held accountable.

Social Media

Follow us on Social Media