London has become a “money-laundering haven”, according to a report by the Institute of Chartered Accountants in England and Wales.
The report highlights contributing factors such as “golden visas” – which granted fast-track residency to foreign entrepreneurs investing at least £2 million in UK projects but were later scrapped in 2022 – and a buoyant property market in London coupled with low regulations [1].
Transparency International estimates that £1.1 billion worth of properties in London are owned by individuals tied up in money laundering [2].
The City of London Police describes money laundering as “the lifeblood of organised crime, allowing organised crime groups to enjoy the proceeds of their harmful criminal activity” [3].
The London Assembly Police and Crime Committee will meet tomorrow to discuss what is being done to tackle money laundering in London and how effective law enforcement agencies are at identifying and combatting existing and emerging forms of money laundering.
- Detective Superintendent John Roch, Head of Economic Crime, Central Specialist Team, Metropolitan Police Service (MPS)
- Commander Stephen Clayman, Specialist Crime, MPS
- Detective Inspector Geoff Donoghue, Cryptocurrency Subject Matter Expert, MPS
- Rachael Herbert, Deputy Director of National Economic Crime Centre, National Crime Agency
- Simon Welch, National Coordinator, Economic Crime Portfolio, City of London Police
- Paul Napper, Acting Head of Proceeds of Crime and International Assistance Division, Serious Fraud Office
The meeting will take place on Wednesday 10 January 2024 from 10am, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube.
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Notes to editors
- ICAEW, Londongrad: how the City became a money-laundering haven, 20 June 2022
- MQT, Money laundering in London - 2022/1079, 24 March 2022
- City of London Police National Policing Strategy for Fraud, Economic and Cyber Crime p.6
- Read the agenda papers.
- Caroline Russell AM, Chair of the Police and Crime Committee, is available for interview.
- Find out more about the work of the Police and Crime Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For more information, please contact Emma Bowden in the Assembly Media Office on 07849 303897. For out of hours media enquiries please call 020 7983 4000 and ask for the Assembly duty press officer.