British property ‘safe haven’ for corrupt cash: campaigners

British property is a safe haven for money stolen from around the world, with tens of thousands of London properties owned by secretive companies, according to a corruption report released Wednesday. Campaign group Transparency International found 36,342 properties in London covering 3.6 square kilometres are held by companies registered in offshore secrecy havens such as the British Virgin Islands, Jersey and the Isle of Man. Almost one in 10 properties in the district of Westminster, where the British government is based, are owned by a company registered in an offshore haven, the report found.

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.

Transparency International executive director Robert Barrington

The campaigners published a map showing the location of the properties per borough online at as part of the report, called “Corruption on your Doorstep: How corrupt capital is used to buy property in the UK”. The investigation comes at a moment when hidden wealth is under scrutiny following a political scandal over allegations top British bank HSBC helped wealthy clients evade tax. In response to the report, the British government said it was committed to tackling illicit money flows and the misuse of companies.

It can take years to unpick the layers of corruption and secrecy which ultimately result in the purchase of UK properties. We would welcome any regulation which makes it harder for corrupt officials to hide money that has been stolen from civilians across the world, in our own neighbourhoods.

Metropolitan Police Proceeds of Corruption Unit