Property prices inflated by foreign criminals laundering billions in dirty money: UK crime agency re London (How about in Vancouver?)

London skyline
This article by Adrian Lowery appeared on July 25, 2015, on the UK financial website “This Is Money”:

London“London property prices are being inflated by foreign criminals laundering billions in dirty money, warns crime agency” 

Below we take a few excerpts, and encourage people to read the whole article on the original site. Then, ask, what about the Metro Vancouver region? The #donthave1million movement has been demanding that governments gather data and take action to limit inappropriate influences on Vancouver’s housing market.

  • National Crime Agency alarmed by number of homes registered to complex offshore corporations
  • Inflows big enough to drive London property prices artificially high
  • Treasury’s £150m windfall in past three months from tax on properties bought by companies, trusts and investment funds

  • It’s long been known that overseas wealth has played a leading part in driving up London property prices – at the top end if not throughout.
  • But it’s now alleged that much of the foreign wealth pouring into expensive homes in the capital is dirty: the proceeds of crime.
  • A leading crime-fighter has warned that foreign criminals are laundering billions of pounds by purchasing prime London property.
  • Donald Toon of the National Crime Agency has said he is alarmed by the number of homes registered to complex offshore corporations – some of which have been bought with laundered money.
  • He added that the inflows are big enough to be responsible for driving London property prices artificially high.
  • The Treasury has received a £150million windfall in the past three months from a tax on properties purchased by companies, trusts and investment funds, rather than individuals, supporting Mr Toon’s claim.
  • …Hundreds of billions of pounds are laundered in the City every year, according to the National Crime Agency, and investigations are intensifying into the matter. Mr Toon added: ‘Prices of high end property are being artificially driven up by the desire of overseas criminals to sequester their assets here in the UK. What they are doing is distorting the market.
  • Full article http://www.thisismoney.co.uk/money/mortgageshome/article-3174280/London-property-prices-inflated-foreign-criminals-laundering-money-warns-NCA.html

4 thoughts on “Property prices inflated by foreign criminals laundering billions in dirty money: UK crime agency re London (How about in Vancouver?)

  1. Our Attorney General Anton is to blame, her police forces the VDP and others are doing nothing about it, Teresa Wat should be questioned by CISIS for her connection to her connection to Communist China.

  2. About FINTRAC
    http://www.fintrac.gc.ca
    The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Its mandate is to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control.

    • It is obvious they are not doing their job, this tainted money is being brought into the country by corrupted (criminals) China – Chinese these people must be tracked down and deported back to China, Police must go door to door, if they cannot do the job then volunteers must do the job, Anton is to blame for this!

  3. International Journalist Jonathan Manthorp pointed out on May 29, 2015 that billions of dollars are fleeing China for safe havens and Canada is one of the safest with no restrictions on real estate purchases. Please see his article here:
    http://www.factsandopinions.com/galleries/opinion-columns/jonathan-manthorp-international-affairs/vancouver-not-mind-numbingly-boring-but-vacuously-vain/

    On Sunday June 21, 2015 the Vice Governor of the Central Bank of China, Pan Gongsheng, was quoted as saying the following: “We are not too far away from the yuan capital account full convertibility.” China is close to its goal of allowing the yuan to be exchanged for foreign currency without any limits on the amount – a move that will grant greater flexibility to Chinese investment overseas, the deputy head of the central bank says.
    The latest step in the opening of the capital account – which measures inflow and outflow of capital and covers investments such as stocks, bonds and properties – will be the launch of the new qualified domestic institutional investor programme, or QDII2.
    “The QDII2 will remove the block on individuals investing overseas,” Pan told a wealth forum hosted by the local government in Qingdao , Shandong province yesterday.

    The full article was published Sunday June 21, 2015 in the South China Morning Post of Hong Kong here:

    http://www.scmp.com/business/banking-finance/article/1824483/china-close-its-goal-full-yuan-convertibility-its-capital

    When there are no restrictions on the convertibility of the yuan wealthy Chinese investors will no longer be limited to legally converting just US$50,000 each year.
    The need to find other means of moving funds will no longer be required and Canada, B.C. and Vancouver with no restrictions AT ALL on who can purchase real estate – especially compared to other jurisdictions where restrictions on non resident purchases are being added to all the time – will become even more attractive for people looking to preserve capital by parking it in real estate.

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