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At Least A Hundred Billion Pounds Laundered Through The Uk Every Year

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Sadly, this story appears to have been relatively overlooked by the media with so much else going on.

We all knew that money laundering through London property was rife (it's on a scale unequalled elsewhere on the planet), but nice to have it officially confirmed by Parliament's Home Affairs Select Committee:

"[P]oor supervision and enforcement in the London property investment market are making a safe haven for laundering the proceeds of crime."

"At least a hundred billion pounds, equivalent to the GDP of Ukraine, is being laundered through the UK every year. The Proceeds of Crime legislation has failed to achieve its purpose. London is a centre for money laundering, and its standing as a global financial centre is dependent on proactively and effectively tackling money laundering. Investment in London properties is a major route which tarnishes the image of the capital. Supervision of the property market is totally inadequate, and poor enforcement has laid out a welcome mat for launderers and organised criminals."

http://www.parliament.uk/business/committees/committees-a-z/commons-select/home-affairs-committee/news-parliament-2015/proceeds-of-crime-report-published-16-17/

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Sadly, this story appears to have been relatively overlooked by the media with so much else going on.

We all knew that money laundering through London property was rife (it's on a scale unequalled elsewhere on the planet), but nice to have it officially confirmed by Parliament's Home Affairs Select Committee:

"[P]oor supervision and enforcement in the London property investment market are making a safe haven for laundering the proceeds of crime."

"At least a hundred billion pounds, equivalent to the GDP of Ukraine, is being laundered through the UK every year. The Proceeds of Crime legislation has failed to achieve its purpose. London is a centre for money laundering, and its standing as a global financial centre is dependent on proactively and effectively tackling money laundering. Investment in London properties is a major route which tarnishes the image of the capital. Supervision of the property market is totally inadequate, and poor enforcement has laid out a welcome mat for launderers and organised criminals."

http://www.parliament.uk/business/committees/committees-a-z/commons-select/home-affairs-committee/news-parliament-2015/proceeds-of-crime-report-published-16-17/

..Osborne promised to fix ...it's now up to Hammond to show his mettle...there are no excuses for weakness.... :rolleyes:

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No way would they clamp down on this. FFS, the government include prostitution and drug dealing in their GDP estimations. Illegal money is propping up London prices. The government will do everything they can to ensure this remains the case.

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No way would they clamp down on this. FFS, the government include prostitution and drug dealing in their GDP estimations. Illegal money is propping up London prices. The government will do everything they can to ensure this remains the case.

As the select committee says, we don't just turn a blind eye to it, we lay the welcome mat out.

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London is a centre for money laundering, and its standing as a global financial centre is dependent on proactively and effectively tackling money laundering.

Is it? Or is it's "standing" partly due to how "accommodating" it is?

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Sadly, this story appears to have been relatively overlooked by the London based media who are up to their necks in pwopertee media with so much else going on.

We all knew that money laundering through London property was rife (it's on a scale unequalled elsewhere on the planet), but nice to have it officially confirmed by Parliament's Home Affairs Select Committee:

"[P]oor supervision and enforcement in the London property investment market are making a safe haven for laundering the proceeds of crime."

"At least a hundred billion pounds, equivalent to the GDP of Ukraine, is being laundered through the UK every year. The Proceeds of Crime legislation has failed to achieve its purpose. London is a centre for money laundering, and its standing as a global financial centre is dependent on proactively and effectively tackling money laundering. Investment in London properties is a major route which tarnishes the image of the capital. Supervision of the property market is totally inadequate, and poor enforcement has laid out a welcome mat for launderers and organised criminals."

http://www.parliament.uk/business/committees/committees-a-z/commons-select/home-affairs-committee/news-parliament-2015/proceeds-of-crime-report-published-16-17/

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FFS, the government include prostitution and drug dealing in their GDP estimations.

and exclude house prices from inflation figures.

Beyond parody.

Is it? Or is it's "standing" partly due to how "accommodating" it is?

One does wonder.

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Times and situations change. Ten years ago HSBC were laundering monies without a care in the world, offshore had a positive public image.

Currently the climate is changing and the political optics of being seen to tackle these areas is very positive.

The every greater focus on results has to widen.

For that reason I can see a further tightening on the institution highlighted in the report.

Would you want to risk hiding your defrauded loot somewhere you possibly might not be able to recover it from?

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