Luxurious UK homes used for money laundering

(BLOOMBERG) – Investors are not the only ones who are snapping up all the best homes in London.

The UK property market is increasingly a prime target for money laundering, with London’s most expensive homes attracting criminal buyers as a way to hide dirty cash.

There is now a high likelihood of buyers using real estate in the United Kingdom to disguise illegal activity, up from a medium risk three years ago, the British government said in a recent report assessing money laundering and terrorist financing last year. The findings also upgraded the risk to the estate agency sector to medium.

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