us

216.73.216.136

Real Estate is Becoming a Primary Target for Money Launderers in the UK

Real estate

According to a government report, Luxury London homes are a new method to launder illicit funds. The National Crime Agency is stepping up to investigate the illegally gained money flooding into the country.

The National Risk Assessment of Money Laundering and Terrorist Financing in the 2020 report highlighted the rising threat of money laundering and terror financing through Luxury London homes: Corrupt foreign elites continue to be attracted to the UK property market, especially in London, to disguise their corruption proceeds.” 

Treasury and the Home Office has put together a report stating that there has been an increase in overseas buyers investing in property in the UK: “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 real estate agents have now upgraded their risk scoring to medium. However, some agents in the market of luxury homes have failed to comply with the regulations of anti-money laundering. Many real estate agents have not registered with HM Revenue and Customs for anti-money-laundering supervision. 

A report by the Treasury states that it is hard to identify the source of money due to the complex system of shell companies. These entities are registered in the overseas jurisdiction, and due to the anonymity nature, the source of funds is obscured. 

Jerry Walters, the managing director of FCS Compliance says that more than five billion pounds of the UK’s property have been bought with illegal funds. Transparency International suggests that in order to eliminate such activities, the government should reveal the identities of overseas owners of such properties.  

Related Posts

News

Google to Block Access to Adult Apps for Under-18s in Singapore

Google to Block Access to Adult Apps for Under-18s in Singapore

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Explore More

News

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

Explore More

News

Google to Block Access to Adult Apps for Under-18s in Singapore

Google to Block Access to Adult Apps for Under-18s in Singapore

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Explore More

News

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started