OUR GLOBAL MOVEMENT
Hiding in Plain Sight: How UK companies are used to launder corrupt wealth” identified 52 global corruption and money laundering cases involving 766 UK companies. It found that the UK is home to a thriving company formation industry which gives money launderers access to UK firms. The UK’s system to defend against this is failing to prevent the abuse of UK companies.
Over a third of properties sold in a new Kensington and Chelsea development were purchased via anonymous companies or by buyers from states considered to be a high corruption risk, according to a new investigation by Transparency International UK.
An analysis of Land Registry data for 153 new homes in one development at 375 Kensington High Street found that more properties could be identified as being bought through companies based in the British Virgin Islands (19) – a known secrecy haven – than any other jurisdiction, including the United Kingdom (14).
Transparency International applied the same methodology as its recent “Faulty Towers” report to 375 Kensington High Street – part of the same Warwick Road regeneration masterplan where survivors of the Grenfell disaster are set to be housed.
