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Prime London and the Threat of Money Laundering

Anti-Money Laundering

This week reporter, Zoe Dare Hall, investigated the risks of money-laundering in London’s property market and how agents are responding to this threat, for The London Magazine.

Talking to Simon Barry, Head of New Developments at Harrods Estates, he shared how the internet ‘has made it far easier to move huge amounts of money around the world.’

‘We’ve always been able to spot when things are too good to be true, but money-laundering in London is now a far more serious hazard than time-wasters,' Barry continued.

Agents are now turning to ever more stringent applicant checks to protect themselves from the threat of this kind of serious fraud.  References, photo-identification, proof of address and utilities are just some of the routine measures being adopted and, increasingly, this may be requested and checked even before any viewing can take place. 

For the discerning buyer, producing such material barely raises an eyebrow; however as Zoe Dare Hall found when interviewing other agents, it’s often only the criminals who start shouting in objection.

Read the full feature online at thelondonmagazine.co.uk


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