article_snippet: International criminals are using British property as International criminals preferred ‘safe haven’ to stash International criminals corrupt money, a startling report claims.
article_snippet: 36,000 London properties fear many of these are being used by corrupt overseas politicians from the world’s poorest countries who want to hide 36,000 London properties criminal cash.
article_snippet: A new report has revealed that thousands of homes in London are being bought anonymously by offshore companies so thousands of homes in London can hide corrupt money (file picture)
article_snippet: The charity said more than £180million worth of property in UK has been investigated by police as suspected proceeds of ‘grand corruption’ since 2004.
article_snippet: more than £180million worth of property in the UK defined ‘grand corruption’ as the theft and laundering of assets by foreign politicians, public officials and the theft and laundering of assets by foreign politicians associates from the developing world.
article_snippet: The charity said analysis of documents from the Land Registry and the Metropolitan Police Proceeds of Corruption Unit showed this problem was on the rise.
article_snippet: Robert Barrington, of Transparency International, said: ‘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.
article_snippet: The Metropolitan Police admitted that the current system meant ‘the current system can take years to unpick the layers of corruption and secrecy which ultimately result in the purchase of UK properties’.
article_snippet: A 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.
article_snippet: DCI Jon Benton, of Scotland Yard’s Proceeds of Corruption Unit, said the UK property market was attractive to criminal investors.
article_snippet: DCI Jon Benton, of Scotland Yard’s Proceeds of Corruption Unit said: ‘the UK property market is attractive for many reasons, not least because of the safety of the investment and that the UK property market provides a home in this great capital.
article_snippet: In nearly all the grand corruption cases we investigate, we find – what we suspect is – proceeds of corruption being used to purchase high-value properties.
article_snippet: ‘Properties that are purchased with illicit money, which is often stolen from some of the poorest people in the world, are nearly always layered through off-shore structures.
article_snippet: DCI Jon Benton, of Scotland Yard’s Proceeds of Corruption Unit said that while the percentage of properties purchased with illicit money was tiny compared to the numbers of homes sold legitimately, the values of such houses were often huge.
article_snippet: The average price of a UK property under investigation for proceeds of corruption is £1.5million – more than five times more than the typical UK house price.
highlights_snippet: The charity fears many properties are being used to stash corrupt money .
  