Campaign group Transparency International also found 2,189 companies registered in the UK that have been linked to 48 money-laundering and corruption cases
Britain has been accused of becoming a ‘global hub for money laundering’ after new figures revealed £1.5 billion worth of property in the country has been brought by Russians facing allegations of corruption.
Much of the property is held by companies registered to Britain’s overseas territories and crown dependencies, according to data uncovered by Transparency International, The Times reports.
But Transparency International director Duncan Hames warned these figures are only the ‘tip of the iceberg’ and said laws that force overseas companies holding property in the UK to reveal their owners was ‘long overdue’.
Campaign group Transparency International also found 2,189 companies registered in the UK that have been linked to 48 money-laundering and corruption cases.
At least 28 per cent of the property linked to corruption is located in Westminster and is worth nearly £430 million, with a further 20 per cent in Kensington and Chelsea, 10 per cent in both Camden and Wokingham in Berkshire, while another seven percent was located in the City of London.
It comes hours after Home Secretary Priti Patel announced the immediate end to the Tier 1 ‘golden visas’ scheme giving Russian oligarchs with £2million to invest access to the UK.
Ms Patel has long faced calls to end the programme, which has seen 2,500 Russians granted visas, but the Ukraine crisis has led the Home Secretary to bring forward the demise of the scheme.
These cases involved sums worth more than £82 billion which had been taken through ‘rigged’ procurement, bribery, embezzlement and the unlawful acquisition of state assets, the group said.
Hames warned the only way to stop global money launder was to change the legislation.
Government plans to force overseas companies holding property here to reveal their owners are long overdue, he said.
Until the law is changed to do this, even those targeted by sanctions will continue to be able to hide their wealth here, he said.
Ms Patel on Thursday declared that the Tier 1 scheme would be closed to new applicants from all countries, including Russia, citing ‘security concerns’.
I have zero tolerance for abuse of our immigration system. Under my New Plan for Immigration, I want to ensure the British people have confidence in the system, including stopping corrupt elites who threaten our national security and push dirty money around our cities, she said.
She said: Closing this route is just the start of our renewed crackdown on fraud and illicit finance. We will be publishing a fraud action plan, while the forthcoming Economic Crime Bill will crackdown on people abusing our financial institutions and better protect the taxpayer.
