“London is a centre for money laundering, and its standing as a global financial centre is dependent on proactively and effectively tackling money laundering. Chido Dunn, an anti-corruption expert at the NGO Global Witness, said: “Dirty money in London’s luxury property market is endemic. Government attempts to stop the UK property market being exploited by international money launderers are “totally inadequate” and the country has instead “laid out a welcome mat” to criminals, the House of Commons home affairs committee has said. Last year, Toon claimed the London property market had been skewed by laundered money and that prices were being artificially driven up by overseas criminals who wanted to sequester assets in the UK. The MPs said it remained “far too easy for someone intent on laundering money to buy a property with their ill-gotten gains, and rent it out in a very buoyant and robust letting market and take in clean money in perpetuity”.

Source: The Guardian July 14, 2016 22:52 UTC