The government could do more to stop criminals hiding stolen money in UK property

Why £190 billion of UK homes still have no real owner — and why that matters for justice, safety, and trust.

A recent investigation reported by The Times has exposed something deeply troubling.

Almost 45,000 UK properties, worth an estimated £190 billion, are owned through offshore companies where the real people behind them remain hidden.

This is not a technical loophole. It is a systemic failure.

And it has real consequences for victims of financial crime, for communities priced out of housing, and for public trust in the rule of law.

What the law was supposed to fix

After Russia’s invasion of Ukraine, the UK passed the Economic Crime Act (2022).

Its purpose was clear:to stop criminals, kleptocrats, and sanctions-busters from hiding money in UK property.

Under the law, any overseas company owning UK property must register on the

Register of Overseas Entities, run by Companies House, and declare its beneficial owner — the real human being who ultimately controls or benefits from the asset.

Failure to do so can lead to:

• Heavy fines

• Criminal prosecution

• Restrictions on selling or refinancing the property

On paper, this looked strong.

In practice, it has not worked.

What the investigation found

Legal researchers at Tax Policy Associates analysed nearly 98,000 UK properties held by offshore entities.

They found that in around 44% of cases, it is still impossible to tell who really owns the property.

That includes homes where:

• No registration was made at all

• Owners claimed there was “no beneficial owner”

• Another offshore company was named instead of a person

• A trust was listed — often with lawyers or accountants named, not the real controller

This is not a small gap. It is a black hole of ownership.

And the problem is getting worse, not better.

Enforcement in name only

Here is the most alarming figure of all:

👉 Only 3% of penalties issued for non-compliance have actually been collected.

Out of nearly £23 million in fines, just £700,000 was recovered.

That sends a clear signal:

Ignore the rules. Nothing will happen.

Campaigners — including Transparency International UK — have warned that under-resourced enforcement at Companies House is encouraging exactly this behaviour.

Laws without enforcement are not safeguards.They are theatre.

Why this matters for victims of financial crime

At Get SAFE, we work with people whose lives have been torn apart by fraud, abuse of trust, and financial exploitation.

For them, this issue is personal.

Hidden property ownership:

• Makes asset tracing far harder

• Allows criminals to park stolen money safely

• Undermines the chances of recovery and redress

• Rewards those who can afford secrecy

When stolen wealth is locked into UK bricks and mortar, victims are left with:

• Empty accounts

• Long battles

• And the message that the system protects power, not people

That is not justice.

Where the money is hiding

The investigation shows clear patterns.

Large numbers of opaque property structures are linked to:

• Jersey and other Crown Dependencies

• The British Virgin Islands

• The Middle East

• Liechtenstein

London alone accounts for £107 billion of the £190 billion in question.

These are not accidental errors at scale.They are designed opacity.

“We will review it” is not enough

The government has now promised another review, led by Baroness Margaret Hodge, looking at:

• Verification of beneficial ownership

• Trust transparency

• Loopholes in the current system

Reviews matter. But victims have seen this pattern before:

Research → report → concern → delay → repeat

Meanwhile, harm continues.

What needs to change — now

If the government is serious about tackling economic crime, three things are urgent:

1. Properly resource enforcementCompanies House must be funded and mandated to actively pursue non-compliance.

2. Verify, don’t just recordA register that accepts unverified claims is not a safeguard. It is a filing cabinet.

3. Put victims firstTransparency is not an abstract principle. It is essential for asset recovery, justice, and repair.

Why Get SAFE exists

Get SAFE was created because too many people are left alone after financial harm.

We support:

• Recovery

• Clarity

• Agency

• And the pursuit of accountability

When systems allow stolen money to be hidden in plain sight, they fail everyone except the perpetrators.

We believe the UK can do better. And must.

If you or someone you support has been affected by financial exploitation, you are not alone.

Get SAFE exists to help people stabilise, rebuild, and regain control — step by step, at their own pace.