LONDON & its "property market" IS A CESSPIT OF LAUNDERED BILLIONS

[eric pebble]

I tell you ----- I tell you people out there ---- THIS is one of the KEYS to explaining the house "price" madness in London AND the UK.....

 

LONDON IS A CESSPIT.   A CESSPIT OF BILLIONS AND BILLIONS OF FRAUDULENT "MONEY" WHICH HAS TOTALLY, TOTALLY SKEWED THE "PRICE" OF PROPERTY IN THE CAPITAL, AND IN THE WHOLE OF THE UK TOO.......

 

THIS IS THE TIP OF THE ICEBERG GUYS.  THE TIP OF THE TIP OF THE ICEBERG.   DIG DOWN ON THIS ONE --- AND YOU WILL UNCOVER ONE OF THE PRINCIPLE CAUSES OF THE ABSOLUTELY INSANE PROPERTY "PRICES" HERE IN THE UK.....

 

THIS HAS HAD A HUGE, HUGE, HUGE IMPACT ON OUR LIVES........ IT'S HUGE.  THIS NEEDS TO BE TAKEN UP --- AND INVESTIGATED 150%.

 

Dirty secrets of the laundromat: That's the name of a scam used by Russian gangsters aided by greedy British banks to launder billions of illicit roubles through London.

But there are consequences for ordinary Britons because dirty money is one of the factors driving prices so high that even professionals on six-figure salaries may struggle to buy a family home in London.

That price inflation trickles down to more modest properties, so that workers in essential jobs such as teaching, the police and nursing are locked out of buying in the capital.

‘The London housing market is a money-launderer’s dream,’ says Borisovich. 

‘But for other people, the result is tangible: they can’t afford to live here.’

http://www.dailymail.co.uk/news/article-4366206/Dirty-secrets-laundromat-Illicit-roubles-London.html

 

Edited March 31, 2017 by eric pebble

[Tempus]

This has been confirmed by the Home Affairs Select Committee and Transparency International. 

London leads the world in money laundering, with much ending up in property. 

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

That age-old problem of greed ensures nothing gets done. 

[eric pebble]

35 minutes ago, Tempus said:

This has been confirmed by the Home Affairs Select Committee and Transparency International. 

London leads the world in money laundering, with much ending up in property. 

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

That age-old problem of greed ensures nothing gets done. 

Ha!!!!!!!!! Keith Vazeline MP was the chairman of that committee!!!!!   You couldn't make it up!!!!!    How many properties does he own??? And -- Massively importantly...... [and ironically]....... WHERE DID HE GET THE MONEY FROM FOR THEM?????

[billybong]

and they say they're going to make the UK a tax haven - as if the crookedness is something in the future.

[janch]

How come we poor mere mortals/plebs end up filing in endless forms to proove our ID and solvency etc whilst others seemingly bypass all checks?.....that's what I want to know.  It seems to be 1 rule for the rich and something completely different for everyone else yet we supposedly don't have corruption in the UK. What a joke.........

[200p]

Is this a piece to tell the world post Brexit we are not open for business

[Tempus]

London Property: A top destination for money launderers

"This report shows that land and property in London are popular choices for those looking to launder the proceeds of corruption into the UK. This is often done through the use of ‘anonymous’ corporate vehicles based in secrecy jurisdictions, such as the British Virgin Islands, Jersey and Panama, where information about these companies and their real owners is not publicly available. Allowing these individuals to hold assets in London with impunity doesn’t just affect the country from which the money has been stolen; it also has an impact in the UK. In its latest Strategic Risk Assessment of Serious and Organised Crime, the UK’s National Crime Agency identified high-end money laundering as ‘a reputational and financial risk to the UK’. In addition, failing to identify money laundering or engaging with corrupt clients or business networks also poses a significant reputational risk for companies." http://www.transparency.org.uk/publications/london-property-tr-ti-uk/

Edited March 31, 2017 by Tempus

[winkie]

2 hours ago, janch said:

How come we poor mere mortals/plebs end up filing in endless forms to proove our ID and solvency etc whilst others seemingly bypass all checks?.....that's what I want to know.  It seems to be 1 rule for the rich and something completely different for everyone else yet we supposedly don't have corruption in the UK. What a joke.........

Very weird agreed, the rest have to put up with questioning like the Spanish Inquisition to withdraw a few pounds over the norm of their hard earned cash from their account.....

[slawek]

2 hours ago, janch said:

How come we poor mere mortals/plebs end up filing in endless forms to proove our ID and solvency etc whilst others seemingly bypass all checks?.....that's what I want to know.  It seems to be 1 rule for the rich and something completely different for everyone else yet we supposedly don't have corruption in the UK. What a joke.........

Welcome to the real world. The more money is involved the bigger is the incentive to bend the rules. 

[North London Rent Girl]

3 hours ago, billybong said:

and they say they're going to make the UK a tax haven - as if the crookedness is something in the future.

amen, absolutely - it's like the talk of the possibility of a housing bubble and how awful that would be, yes, imagine, the mind boggles!

Interesting that the investigative reporters part funded by the US - they're so much better at international corruption than we are, addressing it I mean. Well, and doing it but when it's not them doing it, they're good at getting people into court and getting to the bottom of things. 

Also interesting that private schools are starting (good grief) to think about where their money is coming from. Am still waiting for someone to write a book about the great British people-laundering scandal that is our private school system but praps will have to write it myself.

[Guest TheBlueCat]

Looking beyond the hyperbole and mud-slinging here, the root issue is that what is crime in one country is either entirely legal or so common place it might as well be in another. If we want to stop the proceeds of crime in, say, Russia or China being laundered through the UK then we have stop dealing with them completely. Just think about it - that piece of tat you order through the Amazon market place that comes direct from a sole trader in China, do you know that they have the legal right to sell it to you and that they paid all the relevant taxes? No, they probably don't and didn't so you're facilitating criminal activity right there.

[North London Rent Girl]

3 minutes ago, TheBlueCat said:

Looking beyond the hyperbole and mud-slinging here, the root issue is that what is crime in one country is either entirely legal or so common place it might as well be in another. If we want to stop the proceeds of crime in, say, Russia or China being laundered through the UK then we have stop dealing with them completely. Just think about it - that piece of tat you order through the Amazon market place that comes direct from a sole trader in China, do you know that they have the legal right to sell it to you and that they paid all the relevant taxes? No, they probably don't and didn't so you're facilitating criminal activity right there.

Get your point but think they're more talking about government officials and their cronies robbing their countries blind to the tune of billions of dollars then funnelling their ill-gotten gains and their children out of the country and into the UK where they are given the veneer of respectability that, inexplicably, London can still provide. I'm upgrading their discussion but that's more the topic. Oh, and girl on car, it's the mail, so they're talking about that, too.

[Bear Hug]

31 minutes ago, North London Rent Girl said:

Get your point but think they're more talking about government officials and their cronies robbing their countries blind to the tune of billions of dollars then funnelling their ill-gotten gains and their children out of the country and into the UK where they are given the veneer of respectability that, inexplicably, London can still provide. I'm upgrading their discussion but that's more the topic. Oh, and girl on car, it's the mail, so they're talking about that, too.

Very good point. They screw their own people over and then come here and (indirectly) screw us over as well. 

I seriously doubt that buying some batteries 10p cheaper on ebay aids large scale money laundering. 

[interestrateripoff]

The UK banking system is a cesspit corruption.

[The Eagle]

Without money laundering the City of London would have almost no business.

The CoL is the world's most important financial centre because it's one of the best places to launder money.

[Guest TheBlueCat]

7 hours ago, North London Rent Girl said:

Get your point but think they're more talking about government officials and their cronies robbing their countries blind to the tune of billions of dollars then funnelling their ill-gotten gains and their children out of the country and into the UK where they are given the veneer of respectability that, inexplicably, London can still provide. I'm upgrading their discussion but that's more the topic. Oh, and girl on car, it's the mail, so they're talking about that, too.

No argument with that but the point is that, given the total lack of financial transparency in China, it's impossible to tell the legitimate ones from the frauds and, in many cases, the legitimate ones (e.g. the ones who more or less pay the right taxes and only pay bribes to the extent needed to stay in business) would have done many things that would be illegal in the west. 

[Blod]

The underlying threat is that we need their bent money. So we have to prove our entitlement to our own money constantly. Doing so creates an illusion of respectability so vital to perpetuating the crime. If you are stealing from your country you wouldn't want it then stolen from you, would you?

[Tempus]

13 hours ago, interestrateripoff said:

The UK banking system is a cesspit corruption.

It's thanks to London and all the secretive British tax havens. The fact that you need about 10x average local salary to buy a s***e 1-bed flat in London is just collateral damage from all that dirty money.

http://www.independent.co.uk/news/uk/home-news/roberto-saviano-britain-corrupt-mafia-hay-festival-a7054851.html

"If I asked you what is the most corrupt place on Earth you might tell me well it’s Afghanistan, maybe Greece, Nigeria, the South of Italy and I will tell you it’s the UK.

“It’s not the bureaucracy, it’s not the police, it’s not the politics but what is corrupt is the financial capital. 90 per cent of the owners of capital in London have their headquarters offshore.

“Jersey and the Cayman’s are the access gates to criminal capital in Europe and the UK is the country that allows it. That is why it is important why it is so crucial for me to be here today and to talk to you because I want to tell you , this is about you, this is about your life, this is about your government.”

And the sad thing is if we get a poor deal with the EU then we can expect May's government to greatly increase the UK's friendliness to dirty money.

[slawek]

200bln of drug gangs money were laundered through the financial system in 2008 when banks had liquidity problems.

https://www.theguardian.com/global/2009/dec/13/drug-money-banks-saved-un-cfief-claims

ONS national accounts show increased unexplained cash flows into the UK during that time.  

[billybong]

It's remarkable that the companies offshore work which seriously undermines the average UK person's incomes and living standards - then some of those companies likely invest those increased profits in dubious overseas schemes which requires the money to be laundered in the UK - including buying assets/houses which helps to undermine the average UK person's living standards even more.  Some banks operating in both zones benefiting from the business and facilitate it, although not only banks - likely other corporates as well.  

In the meantime because of the need to control the dubious markets in the zones in question those zones become intolerable for many living there so those people head off to safer zones and often to the UK to end up competing for UK resources which again undermines the average UK person's living standards.

In addition even legal profits are structured to avoid tax never mind the laundered stuff.  When the laundering banks have a problem they're bailed out by taxing UK people.

At least a quintuple whammy for the living standards of the average UK person.

Edited April 1, 2017 by billybong

[North London Rent Girl]

On 01/04/2017 at 1:40 AM, TheBlueCat said:

No argument with that but the point is that, given the total lack of financial transparency in China, it's impossible to tell the legitimate ones from the frauds and, in many cases, the legitimate ones (e.g. the ones who more or less pay the right taxes and only pay bribes to the extent needed to stay in business) would have done many things that would be illegal in the west. 

See what you mean, yes, agreed. Think that's prob true of Russia, too, and goodness knows where else.

[eric pebble]

On 4/2/2017 at 8:20 AM, North London Rent Girl said:

See what you mean, yes, agreed. Think that's prob true of Russia, too, and goodness knows where else.

Just about as bad here too....

[Funn3r]

On 4/1/2017 at 0:30 AM, Tempus said:

 

“Jersey and the Cayman’s are the access gates to criminal capital in Europe and the UK is the country that allows it. That is why it is important why it is so crucial for me to be here today and to talk to you because I want to tell you , this is about you, this is about your life, this is about your government.”

And the sad thing is if we get a poor deal with the EU then we can expect May's government to greatly increase the UK's friendliness to dirty money.

So if this is true, that UK is *the* sole European gateway to filthy money,  then surely the rest of the EU must be soiling their keks at the prospect of losing access to it, as they will if Brexit happens.  Why are they not making more of a fuss? 

[Patient London FTB]

Relevant news here: 

Foreign companies that own U.K. properties could soon be forced to reveal their owner or sell their assets within a year under a proposal detailed Wednesday. If they do not comply within the one-year transition period, they will be unable to sell or rent the home.

http://www.mansionglobal.com/articles/59110-foreign-companies-that-own-u-k-properties-will-be-forced-to-reveal-their-owner-under-new-proposal

 

[Agentimmo]

There needs to be a new challenge from an "outsider" to the current politicians and their cronies.

The current bunch , and their predecessors, are not fit for purpose.

UKIP ain't going to do it either. As shown, they get their money from sources as dubious as the other mainstream parties. It's all very "opaque".

Depressingly, I don't see anyone on the horizon who is going to take up the challenge.....