International criminals are using British property as their preferred ‘ safe haven ’ to stash their corrupt money , a startling report claims . Transparency International UK said 36,000 London properties are owned by hidden companies registered in offshore havens . They fear many of these are being used by corrupt overseas politicians from the world ’ s poorest countries who want to hide their criminal cash . A new report has revealed that thousands of homes in London are being bought anonymously by offshore companies so they can hide corrupt money ( file picture ) The charity said more than £180million worth of property in the UK has been investigated by police as suspected proceeds of ‘ grand corruption ’ since 2004 . The organisation defined ‘ grand corruption ’ as the theft and laundering of assets by foreign politicians , public officials and their associates from the developing world . More than three-quarters of these cases investigated by the Metropolitan Police involved ‘ hidden ’ offshore companies , which makes it hard to identify the owner , the charity said . Astonishingly , almost one in 10 properties in the City of Westminster and one in 14 in Kensington and Chelsea are owned by companies registered in offshore accounts . More than a third of foreign companies holding London property are incorporated in the British Virgin Islands , followed by Jersey , the Isle of Man and Guernsey . While many register their properties in offshore havens to avoid their tax obligations in Britain , campaigners say others do so to hide stolen assets . More than a third of foreign companies holding London property are incorporated in the British Virgin Islands , pictured , followed by Jersey , the Isle of Man and Guernsey . The charity has now called for the Government to act quickly to ensure the UK does not become ‘ the destination of choice for global corruption ’ . They said analysis of documents from the Land Registry and the Metropolitan Police Proceeds of Corruption Unit showed this problem was on the rise . 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 . ‘ 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 sleepwalked 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. ’ They called for a new law requiring that the owners of companies which hold UK properties are named in Land Registry documents . The Metropolitan Police admitted that the current system meant ‘ it can take years to unpick the layers of corruption and secrecy which ultimately result in the purchase of UK properties ’ . More than three quarters of cases investigated by the Metropolitan Police involved ‘ hidden ’ offshore companies . 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. ’ DCI Jon Benton , of Scotland Yard ’ s Proceeds of Corruption Unit , said the UK property market was attractive to criminal investors . He said : ‘ The London property market is attractive for many reasons , not least because of the safety of the investment and that it provides a home in this great capital . 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 . ‘ 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. ’ He 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 . 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 .
Around 36,000 UK properties are thought to be owned by hidden firms . Transparency International say the firms are registered in offshore havens . The charity fears many properties are being used to stash corrupt money . One in ten properties in Westminster are owned by offshore companies . Charity urges government to make sure London does n't become a destination for 'global corruption '