London: the Corrupt Capital and Home to Money Laundering
The London property market has become a safe haven for corrupt capital stolen from around the world because of lax laws which allow UK property to be owned by secret offshore companies.
New research by Transparency International, ‘Corruption on your Doorstep: How corrupt capital is used to buy property in the UK’, shows that billions of pounds worth of properties are owned by secretive offshore companies covering up corruption.
Almost one in ten properties in the City of Westminster (9.3 percent), 7.3 percent of properties in Kensington & Chelsea, and 4.5 percent in the City of London are owned by companies registered in an offshore secrecy jurisdiction.
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