The issue of money laundering and questionable money flowing through the UK property market, especially London, has had a light shone on it more than ever by the war in Ukraine.
Tom Lyes, Head of Legal and Property at Armalytix, talks to Property Investor Today about dirty money, Buy to Leave, overseas investment and Open Banking’s role in cleaning up the market.
Read the full discussion here.
Here, Richard McCall, chief executive and co-founder at Open Banking experts Armalytix, explores how Open Banking could help solve the UK’s long-established money laundering problem – which is at its most rife in London.
Read more
Over the past decade, the UK’s reputation in the property market has increasingly become associated with the risk of money laundering. In 2016 the Home Affairs Select Committee found that the country’s property market, particularly in London, was the highest contributor to laundering £100bn of illicit funds in the UK. Despite this, only 335 out of some 1.2 million property transactions in the UK were deemed suspicious.
Read more
