According to the article published by Organised Crime and Corruption Reporting Project (OCCRP) on November 3, 2020, the story reveals another example of offshore companies buying London properties with questionable funds.
It is an established fact that, transparency of company ownership is essential in curbing financial crime especially tax evasion and corruption by public officials. In 2015, Transparency International found that over 75 percent of U.K. properties under investigation for corruption are hidden behind offshore companies. Financial secrecy jurisdictions provide facilities that enable individuals, particularly Kleptocrats to harbour their looted funds.
In words of Duncan Hames, director of policy at Transparency International U.K. ‘’This case contains a combination of red flags which arouse suspicion, including politically connected individuals using secretive companies to purchase high-end property to store wealth without apparent explanation,” It is a classic example of how public officials perpetuates financial crime. Click here to read the full story.
Contact us today if you require assistance or training on conducting effective customer due diligence for your staff to expand their understanding of what to look out for to identify the natural persons behind these complex corporate structures.