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The money laundering capital of the world

Under the Money Laundering Regulations 2007, there is an onus on commercial property surveyors to report and reduce the levels of money laundering in the UK, and specifically London, unfortunately known as ‘the money laundering capital of the world’. According to the Home Affairs Select Committee (a group of leading cross-party MPs) the UK property market has become a safe haven for those looking to legitimise the proceeds of crime, due to its high values and poor supervision and enforcement.