photo by jon nicholson

news - Staggering Amounts of Dirty Money in London

march 16th, 2016

In a recent article in the New Statesman, author James Nickerson focuses on the issue of money laundering in London and the United Kingdom. With an estimated £48 billion laundered through the UK, accounting for 2 percent of GDP, London is now the world’s leading place for corruption-based money laundering, he writes. Additionally, around £120 billion worth of British property is owned by offshore entities. Transparency International has emphasized the significance of establishing a register of beneficial ownership for properties owned by foreign companies in the UK. This would yield greater transparency around the identity of investors and the source of their funds.

Prime Minister David Cameron noted that transparency is critical in addressing corruption, declaring, “We need to stop corrupt officials or organized criminals using anonymous shell companies to invest their ill-gotten gains in London property, without being tracked down.” The property market in London has been artificially driven up by overseas criminals wishing to invest their assets in the United Kingdom, consequently pushing people out of the city. Legislation has since been passed by the government requiring all UK companies to declare who their beneficial owners are by June 2016.

Click here to read Nickerson’s article in the New Statesman.

 

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