UK property investors include Kremlin allies: study / Photo: © AFP
-
Freshways milk-price cut deepens pressure on UK dairy farms
-
India climbs green-transition ranking after first emissions decline in 25 years
-
Labour and National remain virtually tied as New Zealand vote count advances
-
Trump names Stephen Miller as White House chief of staff after midterm losses
-
The Good Daughter adapts Karin Slaughter thriller with Rose Byrne and Meghann Fahy
-
Restored Albanian tower houses anchor new rural tourism trail
-
Heavy-lift drone evacuates wounded Ukrainian soldier from frontline kill zone
-
Sonia Gandhi reflects on family tragedy and reluctant political career
-
Morrison says West Brom recovered after pressure from successive derby losses
-
Pope Leo begins three-country South American tour in Uruguay
-
Britain considers 2027 state visit for Ukraine’s Zelensky
-
Khawaja says entire Australia camp knew of 2018 ball-tampering plan
-
Arizona Democrats Secure Historic Trifecta with New Legislative Leadership
-
Anna Miltina Confronted with Racism Allegations on ProSieben Show
-
Carney Welcomes U.S. Trade Reversal After Democratic Midterm Victory
-
Microsoft Xbox App Update for PC Promises 60% Faster Startup
-
Armenian FM Discusses EU Accountability for Palestinian Rights in Madrid
-
California Humanities Honors Valdez and Burroughs for Courageous Leadership
-
Trump and Vance Pursue Secret Diplomacy with Iran Amid Military Pressure
-
Friedmann and Kühner Analyze Bundesliga's Best Shot and Frankfurt's Goalkeeper Crisis
-
Classic Car Values Surge: De Tomaso Vallelunga Leads 190% Gain
-
Honoka‘a Dragons Face Hawaii Prep in BIIF Division II Championship
-
Microsoft Ends Oracle AI Computing Rental Deal Amid Cloud Strategy Shift
-
Pakistan Demands Grant-Based Climate Finance at COP31 to Avoid Debt Trap
UK property investors include Kremlin allies: study
Almost 52,000 UK properties are owned by anonymous investors, including some "close to the Kremlin", a report said Tuesday despite laws seeking to stop dirty Russian cash after Moscow's invasion of Ukraine.
Properties together worth more than £6.7 billion ($8.1 billion) -- particularly luxury London real estate -- have been purchased "with suspect funds" via "secretive offshore companies", anti-corruption campaigners Transparency International UK said in a report.
More than a fifth, or £1.5 billion, was ploughed into property with "suspect funds from Russia, including those subject to sanctions and close to the Kremlin", it added.
The report comes after Britain launched a legal crackdown last year on Russian money coming from shell companies, tax havens and opaque ownership structures.
That was part of broader economic sanctions after Moscow launched its assault on neighbouring Ukraine almost one year ago.
The government in August launched a new "Register of Overseas Entities", requiring foreign companies to declare the ultimate beneficiary of any property they hold in the UK.
But campaigners say the register remains open to abuse.
More than 18,000 offshore companies together hold almost 52,000 properties in England and Wales, the Transparency International report said.
Those companies "have either ignored the law altogether or submitted information which makes it impossible for the public to find out who owns them", it continued.
"This includes firms reportedly owned by kleptocrats, oligarchs and individuals subject to sanctions."
The campaign organisation added that Britain remained a "hub" for illicit cash -- and urged more government action.
"Transparency over who really owns property here is vital to addressing Britain's role as a global hub for dirty money," said Duncan Hames, the group's policy director.
"Our analysis reveals there are far too many companies that could be trying to skirt the rules, not knowing they exist, or ignoring them altogether.
"Without action from parliament to close loopholes in the law and active enforcement ... this promising reform will fall short of its aim in providing fewer places for corrupt wealth to hide."
R.Adler--BTB