Since 2016, nearly £6bn in suspicious funds funnelled through companies registered in the British Overseas Territories have been used to purchase UK properties, according to new research.

Transparency International UK (TI UK), a campaign group focused on combating corruption, revealed that 494 properties in the UK, valued at a combined £5.9bn, were acquired through entities registered in these territories over the past eight years.

TI UK reported that each property included in their analysis was tied to one of three criteria: ownership by politically exposed individuals from high-corruption-risk jurisdictions, sanctions imposed by the UK government post-purchase, or links to individuals charged, convicted, or alleged to have committed financial crimes.

The British Virgin Islands accounted for over 90% of the funds, totaling £5.5bn. This amount was used to acquire 475 properties, primarily located in London.

The findings were derived from a combination of Land Registry and corporate data, court records, and leaked documents such as the Pandora Papers.

TI UK estimated that these newly identified transactions in the British Overseas Territories bring the total value of suspicious funds invested in UK property since 2016 to £11.1bn.

Margot Mollat, senior policy manager at TI UK, said the Overseas Territories’ role as global hubs for suspicious and illicit wealth was clear.

She added: “The secrecy provided by these jurisdictions has made them destinations of choice for corrupt individuals seeking to conceal criminal acts and enjoy the proceeds of their crimes with impunity.”