Latest: Corruption and Money Laundering.
London property market turned into money laundering safe
haven by inadequate supervision, MPs say.
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| London - Money Laundering on Real Estate. |
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| London - Money Laundering on Real Estate. |
MPs have blamed the Government’s “totally inadequate”
attempt to prevent the UK property market from being exploited by international
money launderers, saying the UK has “laid out a welcome mat” to criminals.
The Home Affairs select committee said in a report that the
current tools for detecting suspicious activity across the financial services
sector and connected industries, such as real estate, are overloaded to the
point of being “completely ineffective.
It called for an immediate and radical overhaul of the
systems used to track seized assets.
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