The national crime agency (NCA) has recently reported that one of the factors driving up UK property prices and especially London prices is the influx of laundered money to buy these properties via “shell” companies which are generally non-trading companies. Donald Toon, director of the economic crime command at the agency, said he believed that money laundering had “skewed” property prices in the capital.
More than 100,000 UK properties amounting to £122bn are registered to overseas companies of which 36,000 properties are in London.
Prime Minister David Cameron has vowed to combat the UK becoming a “haven for dirty cash” by disclosing plans to unveil greater detail about the owners of the shell companies and is a stance that has been welcomed by anti-corruption campaigners.
At A Piece of London we take money laundering very seriously and will not accept investment from individuals that raise suspicion. We are bound by law to verify the identity of each investor and perform a series of checks to ensure they are suitable to invest. In addition each of our properties is held by a UK limited company of which full details of directors and shareholders can be seen at Companies House.
If you wish to read more information about the Prime Ministers vow, then we recommend this Guardian article.
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