Wednesday 21 September 2022 04:02 PM Luxury homes that have been bought with 'dirty money' could be seized trends now
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Oligarch mansions bought with 'dirty money' in the wealthiest parts of London could be seized and transformed into affordable housing as part of a new crackdown on money laundering.
Westminster city council is examining the use of compulsory purchase orders if it finds properties in areas including Belgravia, Knightsbridge and Mayfair have been acquired with ill-gotten wealth or 'money of a dubious origin'.
Russians accused of corruption or links to the Kremlin have brought houses worth nearly £430million in Westminster since 2016, according to Transparency International. This is more than any other council area in Britain.
Meanwhile, Westminster has seen a 300 per cent rise in the number of properties registered to owners in Jersey since 2010 and a rise of 1,200 per cent in the number of properties registered to owners in Russia.
This 5 Belgrave Square mansion belonging to sanctioned Russian oligarch Oleg Deripaska was raided by squatters in March. There is no suggestion it is being targeted by the council crackdown
A group of protesters at the mansion with a banner reading 'this property has been liberated'
The Labour-run council is currently examining the use of a compulsory purchase order against a property registered in the Seychelles after the owner fell behind on their council tax, the Guardian reported.
However, the authority faces major obstacles including a dearth of transparency over property ownership and a lack of checks on companies registered at Companies House.
