Scale of economic crime
Given that property is such an attractive target, property is involved in a large percentage of this crime, which costs the UK Government an estimated £37 billion every year.
Impact of money laundering
The sales and lettings sectors, property auctioneers and high value dealers are all attractive targets for those looking to launder money. Both small and large agencies are susceptible to criminal activity.
The London property market and the wider UK housing market are highly attractive options and are both affected by financial crime. While the property sector remains largely unregulated, and without minimum standards to operate, the industry is vulnerable to attack.
Property bought with laundered money often sit empty, taking homes away from the market that could be used for families and having a further negative impact on the wider community. To maintain integrity in our housing market it is vital to know who the ultimate owner of a property is.
