Yesterday, The Independent reported that billions of pounds of corruptly gained money had been used by criminals and foreign officials to buy upmarket properties in London through anonymous offshore front companies.
Some 36,342 properties had been bought through these offshore havens, most of which for legitimate privacy purposes, but vast numbers are believed to have been anonymously bought to hide stolen money.
While corruption and tax evasion are likely to be the biggest sources of the illicit money, police say that drug dealing and people trafficking are also common. According to a study looking into laundering and London property, these purchases have contributed to a “ripple effect” down the property chain, driving up property prices in London and outside of the capital.
The latest revelations have arguably made London the world capital of money laundering.
But how are criminal’s able to launder this money through property in the capital?
Jim Armitage explains above.Reuse content