LUXURY LONDON HOMES STILL USED TO LAUNDER ILLICIT FUNDS

On 21 December, the Guardian said that luxury London homes are an “attractive method to launder illicit funds”, a government report has said.  The latest national risk assessment for money laundering has upgraded the risk level for the sector, saying: “corrupt foreign elites continue to be attracted to the UK property market, especially in London, to disguise their corruption proceeds”.  Estate agents had their risk upgraded from low to medium and there were signs that some in the market for high-end homes were failing to comply with rules.

https://www.theguardian.com/money/2020/dec/21/luxury-london-homes-still-used-to-launder-illicit-funds-says-report

https://www.gov.uk/government/publications/money-laundering-regulations-2007-supervision-of-estate-agency-businesses/estate-agency-guidance-for-money-laundering-supervision

Property sector and money laundering risk

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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