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Money laundering pushes up prices and makes many homes unaffordable - Tom Copley AM

Commenting on the Prime Minister’s speech on money laundering and property transparency, Labour’s London Assembly Housing Spokesperson, Tom Copley AM said:

“Whilst not as visible as some types of crime, laundering money through property has a massive everyday impact on Londoners. Artificially inflated prices in central London have a knock-on effect across the capital, pushing up prices and making many homes unaffordable for average earners.

“In the past we’ve raised concerns about money laundering only to be brushed off by the Mayor. Publishing details of foreign companies investing in property is a good start but we also need to see increased efforts to identify and prosecute offenders as well as pressure put on estate agents to carry out more thorough checks when selling top-price homes.

“It’s time the Mayor makes clear that money laundering will not be tolerated in the capital.”

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