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Debate House Prices
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Foreign criminals driving up UK house prices.
Running_Horse
Posts: 11,809 Forumite
Comments
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The whole housing market is criminal in the uk0
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I saw this on the news this morning so am glad someone gas started a thread, thanks Running Horse.
Two things came to mind:
1. Aren't estate agents already bound by money laundering rules? If so, why aren't they acting on this?
2. Why is housing allowed to be owned by offshore corporations? Shouldn't this be made difficult? Not only for money laundering reasons, but also how would you enforce an action against a negligent owner if a property is let out?Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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We already buy from abroad far more than we sell to foreigners. If we stop selling them property perhaps we will have to consume less energy, food or heaven forbid fewer iphones.....I think....0
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What are our home grown criminals spending their money on?Left is never right but I always am.0
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What are the royal family buying now ?Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0
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vivatifosi wrote: »1. Aren't estate agents already bound by money laundering rules? If so, why aren't they acting on this?
Wouldn't that be down to the conveyancers rather than the EAs?
The EA makes the introduction but a conveyancer has to deal with all the legalities, surely?0 -
What are our home grown criminals spending their money on?
I too am disappointed by this apparent lack of decent British criminals with money to launder. Unless that is, they have become so accomplished at the art of money laundering that the authorities have become convinced that it's kosher.0 -
Wouldn't that be down to the conveyancers rather than the EAs?
The EA makes the introduction but a conveyancer has to deal with all the legalities, surely?
Nevertheless EAs are subject to AML. They have to register with HMRC and they are supposed to follow the rules, and report any "supicious activity".
See: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/321830/MLR2007.pdf0 -
vivatifosi wrote: »...2. Why is housing allowed to be owned by offshore corporations? Shouldn't this be made difficult?...
There is no bar on property being owned by overseas corporations. Even the HMRC's own offices are owned by a Cayman Islands entity.vivatifosi wrote: »... Not only for money laundering reasons, but also how would you enforce an action against a negligent owner if a property is let out?
Charging order.0 -
Foreign criminals driving up UK house prices.
Rather misleading. High end London property prices would be more accurate.0
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