Luxurious UK homes used for money laundering
- Posted by: vitu
- Category: Business
(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.