The real estate market is known to be a corruption-prone industry that can be used for money laundering, among other things. Big money in short-term circulation – combined with the use of straw men and complicated corporate structures – can facilitate to hide criminal dividends. Awareness of these challenges seems to be increasing in the industry, even the number of money laundering messages to Økokrim has increased sharply in a short time.
High house prices are pushing people out
The report "Faulty towers – Understanding the impact of overseas corruption on the London property market" from Transparency International UK, was recently presented at the Anti-Corruption Conference in Oslo. It shows how the real estate market in London has been flooded with corrupt capital and contributed to a rise in prices that means that almost no one can afford to live in the city anymore. In a sample of 14 major development projects worth £ 1,6 billion, four out of ten units have been sold to investors from highly corrupt countries or anonymous companies. Less than a quarter of the properties have been. . .
To continue reading, create a new free reader account with your email,
or logg inn if you have done it before. (click on forgotten password if you have not received it by email already).
Select if necessary Subscription (69kr)