When most people go to buy a property, it is an investment for the future or somewhere to live now. However, there is a darker side to the UK property market, and this is something that is now being taken more seriously and clamped down on in an effort to prevent criminal activities which are not only expensive for the country, but also create wider social issues.Thank you for reading this post, don't forget to subscribe!
Money laundering is something that has been done for decades in many ways, and most people will know about the uses of legal businesses as a front for a more illicit business that is really going on, as well as the fact that the gambling industry has a terrible reputation for being used by money launderers. But the UK property market has also long been a favourite with money laundering criminals looking to get a return on their money without having it tracked back to them.
Investing in property is known to be a sound investment, and this makes it an attractive proposition for money launderers. Now however, there is more being done to stamp this out and stop this illegal activity from going on. When you purchase a property in the UK now, you will be required to have a check done on you, known as an AML ID check like this www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks which will prove who you are and also where you are getting the funds from to purchase the property.