David Cameron PM

PM to tackle ‘dirty money’ in UK property market

The Prime Minister used a speech in Singapore last week to acknowledge that some homes in the UK have been acquired using “plundered and laundered cash”, but vowed to do more to clampdown on the practice by publishing information on property owned by foreign firms. Cameron (right) said, “My message to fraudsters is: ‘London is not the place to stash your dirty cash.” Official figures show that over 100,000 property titles are registered to overseas companies, with more than 36,000 properties in London owned by offshore firms. In total, in excess of £120 billion of property in England and Wales is owned by offshore companies. “I want Britain to be the most open country in the world for investment. But I want to ensure that all this money is clean money,” the Prime Minister added. “There is no place for dirty money in Britain. Indeed, there should be no place for dirty money anywhere.” Any estate agent found to be involved in money laundering within the UK property market will not be tolerated by any professional body for agents, including the National Association of Estate Agents (NAEA). Commenting on last week’s announcement from David Cameron, Mark Hayward (left), Managing Director,…

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