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 Post subject: Chan4: 8th July '15 - London property & money laundering
PostPosted: Sat Jul 04, 2015 11:12 am 
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Too Big to Fail

Joined: Jun 25, 2006
Posts: 3233
Following on from a number of investigations that suggest there is significant "dirty money" being cleansed through the London property market, as outlined by The Guardian earlier this year,

Quote:
Hundreds of millions of pounds’ worth of UK properties held in secretive offshore companies have been used to launder the proceeds of international corruption, Scotland Yard investigators suspect. The Metropolitan police have revealed that more than £180m of British property has been put under criminal investigation in the last decade as the likely proceeds of corruption. Detectives have warned it is the tip of the iceberg.


Channel 4 will air a documentary on Wednesday July 8th at 10pm looking at the issue

Quote:
An undercover reporter poses as a Russian government minister to investigate increasing evidence that London's property boom is being partly fuelled by overseas buyers laundering money


As our local newspapers are oft to remind us, there's nothing like a little bit of "foreign interest" to inflate your property market.

Blue Horseshoe

_________________
"Housing traditionally is not viewed as a great investment. It takes maintenance, it depreciates, it goes out of style". "So, why was it considered an investment? That was a fad. That was an idea that took hold in the early 2000's. And I don't expect it to come back. Not with the same force. So people might just decide, "I'll live in a rental." That is a very sensible thing for many people to do". Prof. Robert J.Shiller, Nobel Laureate in Economics, Feb 2013.


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 Post subject: Re: Chan4: 8th July '15 - London property & money laundering
PostPosted: Wed Jul 08, 2015 4:35 pm 
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Real Estate Developer

Joined: Nov 20, 2014
Posts: 994
Isn't this more prevalent in US where the estate agents and solicitors actually do not have to ask where the money came from?


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 Post subject: Re: Chan4: 8th July '15 - London property & money laundering
PostPosted: Wed Jul 08, 2015 7:26 pm 
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Property Magnate

Joined: Sep 30, 2008
Posts: 506
Location: The West Indies
No-one looks behind the cash when the money is being drawn on a Barclays Bank in Knightsbridge or Mayfair. I would have thought it not unreasonable to rely on a high street bank/multi-national bank's internal security and AML functions. I know I'd get a very terse response from a purchaser's solicitor is asked the provenance of the purchase funds.

On the other hand, why is it only now that people have questioned all these oligarchs buying property in London? And only GBP180million of British property? Jesus wept. That's less than ten focking houses in Kensington. Or all of Oldham.

That the properties are being registered in companies held offshore is prudent tax avoidance.


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 Post subject: Re: Chan4: 8th July '15 - London property & money laundering
PostPosted: Sat Jul 11, 2015 7:48 am 
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Planning Tribunal Attendee

Joined: Jul 31, 2011
Posts: 1380
Location: 0-71
What about HSBC openly laundering money for Mexican Cartels?

oh. sure they've paid few millions tax on it after they got caught.

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Why it was so windy there?... I am out.

For future reference, a 'soft landing' theorem:
06/2007: Central Bank predicts soft landing for housing
http://www.independent.ie/business/iris ... 96858.html
It's all grand


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 Post subject: Re: Chan4: 8th July '15 - London property & money laundering
PostPosted: Sun Jan 15, 2017 5:17 am 
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Under CAB Investigation

Joined: Feb 1, 2008
Posts: 2826
Location: God's Country
Quote:
Experts now believe that the City is at a tipping point. “The risk for the UK is that the City becomes known as the world’s centre of illicit finance and dirty deals, and there are plenty of competitors who would relish the UK getting stuck with such a label,” Barrington said. “That might make it easier to attract dodgy investments – but harder for the UK to sign trade deals that include financial services, not least securing passporting rights to the EU.”

https://www.theguardian.com/uk-news/2017/jan/14/corrupt-money-crept-britain-property-kleptocrats


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