Luxury London homes still used to launder illicit funds, says report
21 December 2020
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Luxury London homes are an “attractive method to launder illicit funds”, a government report has said as the National Crime Agency steps up its McMafia-style “dirty money” investigations into suspect funds flooding into the country.
The national risk assessment of money laundering and terrorist financing 2020 has upgraded the risk level for the sector, saying: “Corrupt foreign elites continue to be attracted to the UK property market, especially in London, to disguise their corruption proceeds.”
The report, put together by the Treasury and the Home Office, said law enforcement agencies had seen increased overseas buyers and cash flows into the UK property market. “The high amounts of money that can be moved in one transaction and the appreciation in value, along with the enhanced lifestyle, makes them very attractive to criminals,” the report said.