british property safe haven for corrupt cash
Last Updated : GMT 21:13:25
Arab Today, arab today
Arab Today, arab today

British property 'safe haven' for corrupt cash

Arab Today, arab today

Arab Today, arab today British property 'safe haven' for corrupt cash

More than 36,000 properties in London
London - AFP

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.
In 2011 alone, the report said, £3.8 billion worth of UK property was bought by companies registered in the British Virgin Islands.
The group said the use of British property to store stolen wealth may have helped inflate prices -- an explosive political issue due to near-record prices and a lack of affordable housing ahead of Britain's May election.
"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 Transparency International executive director Robert Barrington.
"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."
The group urged the government to make the Land Registry require transparency over who owners of companies are, in order to ensure Britain is not "the destination of choice for global corruption".
- Unpicking the layers of secrecy -
The report examined data from the Land Registry along with the Metropolitan Police Proceeds of Corruption Unit.
The police force said it had helped with the investigation as such cooperation was important to improving understanding of corruption and how to address it.
"It can take years to unpick the layers of corruption and secrecy which ultimately result in the purchase of UK properties," a police spokesman said.
"Such properties are often owned by companies registered in foreign jurisdictions and while secrecy jurisdictions have been co-operative with our investigations, obtaining evidence can take years."
"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."
The campaigners said that £180 million ($277 million, 247 million euros) of property in Britain has been brought under criminal investigation since 2004 -- described as the tip of the iceberg.
Three out of four properties that had been brought under criminal investigation were registered in an offshore secrecy haven, the group said.
The campaigners published a map showing the location of the properties per borough online at ukunmaskthecorrupt.org 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.
"We are taking forward world leading reform to improve corporate transparency and working hard to encourage others to take equally ambitious action in this space," a spokeswoman said.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

british property safe haven for corrupt cash british property safe haven for corrupt cash

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

british property safe haven for corrupt cash british property safe haven for corrupt cash

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday