Wokingham is renowned for many things, but a recent report run by national newspapers has stated that the town may be an ‘unlikely hotspot for the world’s dirty cash’.
Described as a ‘sleepy Berkshire town’, reports from both the Telegraph and the Daily Mail have revealed that the town could be a surprise hotspot for ‘suspect wealth’ through offshore tax havens.
Reports by the national news outlets says that data revealed by campaign group Transparency International UK shows that nearly £6billion of untracked funds have been funnelled through companies registered in British Overseas Territories to purchase British properties since 2016.
The data claims that five properties with a total value of £146million has been purchased in Wokingham.
Transparency International UK said that the purchase of ‘one large estate of multiple properties owned by one person’ boosted the average figure.
The Telegraph approached HMRC for a comment and were told by a British Virgin Islands spokesperson: ““The British Virgin Islands is unwavering in its commitment to combating money laundering, tax evasion, and all forms of illicit financial activity. In partnership with the United Kingdom Government, the British Virgin Islands has established a dedicated Sanctions Unit to ensure compliance with international financial sanctions, acting promptly on Financial Sanctions Notices issued by HM Treasury.
“Additionally, we are advancing efforts to enhance transparency by preparing to provide access to beneficial ownership information in cases where a legitimate interest is demonstrated.”
Wokingham Today approached Wokingham Borough Council for a comment, but they chose not to comment.
The full story can be read at: https://www.telegraph.co.uk/money/wokingham-berkshire-dull-town-dodgy-cash-funnel/
