International money launderers exploit UK property market.

July 18, 2016

Recent news articles are reporting that the UK property market is being exploited by international money launderers,  Chairman of  The Home Affairs Select Committee Keith Vaz reportedly said that £100bn was being laundered through the country every year.

He further reportedly said “London is a centre for money laundering, and its standing as a global financial centre is dependent on proactively and effectively tackling money laundering.”

MPs  called for a separate criminal offence if a person refuses to hand over money and assets derived from crime, saying the current system for enforcing confiscation orders imposed by the courts is failing.

The Home Affairs Select Committee called in a report for much tougher oversight of the market and for full responsibility for tackling money laundering to be handed to the National Crime Agency (NCA). The Home Office is reviewing its anti-money laundering rules and is considering a number of new policies.

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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