Despite revelations, March 2015, by Transparency International (TI) that 36,342 London properties were held by hidden companies registered in offshore havens, London's property market continues to be a "safe haven for corrupt individuals, through anonymous ownership," the campaign group says.
Wealthy individuals from overseas are continuing to be able to buy up London property anonymously, according to new research by Transparency International UK and Thomson Reuters, 'London property: A top destination for money launderers'.
"Despite the global scandal of the Panama Papers, London's property market continues to be a safe haven for corrupt individuals, through anonymous ownership. Commitments made by the Government are positive, but this new research underlines the danger if the promising words don't turn swiftly to action," Rachel Davies, Head of Advocacy, Transparency International UK told Sputnik. (more...)