- March 9, 2022
- Posted by: FCS Compliance
- Category: Press
As the rules tighten and funnelling dirty money through London real estate gets tougher, senior AML Consultant at FCS, Caroline Walters, talks to Carol Ryan of The Wall Street Journal about where the money launderers might look next.
New laws will make it harder to launder funds through luxury property in London. With scrutiny of real estate also growing in the U.S., illicit money will have to find a new kind of home.
Britain is trying to purge the London property market of unsavoury owners. Whether or not it succeeds, Russian oligarchs will need new places to launder dirty money.
This week, U.K. politicians agreed to set up a register of overseas companies with title to property in Britain. The idea was first raised six years ago during a wave of outrage against corrupt money, but fell by the wayside as Brexit and the pandemic dominated public debate. Russia’s invasion of Ukraine has bumped the clampdown back up the agenda.
Read the full article by Carol Ryan in The Wall Street Journal
9 March 2022