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. . .
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