Five London properties accused of being bought with dirty money

An anti-corruption watchdog has singled out the properties

New York Weekend Edition /
Feb.February 25, 2018 04:59 PM

(Credit from back: Google Maps, Molly/Flickr)

Anti-corruption watchdog Transparency International singled out five properties from the £4.4 billion real estate portfolio it estimates has been bought with illegally-got funds. Authorities estimate about £90 billion is laundered via the U.K. each year.

The group has been campaigning since 2014 for British authorities to take action, however new anti-money laundering rules known as unexplained wealth orders have recently come into effect with a lot of talk from the country’s security minister about enforcing them.

Here’s a look at the London properties the organization considers slam dunks for the government to seize or freeze. — Erin Hudson

1. Kenwood Gate, Hampstead Lane

(Credit: © Copyright Christine Matthews)

Estimated value: £18 million
The group believes the property is owned by the First family of Azerbaijan. The the Organised Crime and Corruption Reporting Project (OCCRP) traced ownership of the mansion back to President Ilham Aliyev’s family and estimates the family’s net worth to be around £100 million, with about £41 million of that funneled into London real estate.

2. 138 A and B, 4 Whitehall Court

(Credit: Google Maps)

Estimated value: £11.44 million
Property records trace ownership of the two properties back to Russian First Deputy Prime Minister Igor Shuvalov. In 2014, when he was identified as the owner, his wife and he had declared a joint income of £634,000.

3. Down House and Fairview on Chestnut Avenue, Guildford

(Credit: Google Maps)

Estimated value: £1 million
A 2016 BuzzFeed investigation traced property records to Ahmed Mahmoud Azwai, a former Major General during Muammar Qaddafi’s regime who would have earned a standard declared annual salary of about £4,000.

4. 7-8 Whittaker Street, Belgravia

(Credit: Google Maps)

Estimated value: £15 million
Records made public in the Panama Papers revealed the properties were owned by companies controlled by the wife of the President of the Nigerian Senate Bukola Saraki, who has a track record of declaring large personal wealth with the scant explanation of “business.”

5. 16-16A and 17-17A Avenfield House, Park Lane

Estimated value: £8 million
When Nawaz Sharif, former Prime Minister of Pakistan, was removed from office last year after failing to disclose owning these properties.


Related Articles

arrow_forward_ios
Council member Ben Kallos and Airbnb CEO Brian Chesky (Getty, iStock)
City Council bill would tighten screws on Airbnb
City Council bill would tighten screws on Airbnb
Blackstone CEO Stephen Schwarzman (Getty, iStock)
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone buys San Diego apartment complexes in $1B deal
City Council Majority Leader Laurie Cumbo and 840 Atlantic Avenue (Getty, Google Maps)
Atlantic Avenue project gets haircut — and is rejected anyway
Atlantic Avenue project gets haircut — and is rejected anyway
Opendoor CEO Eric Wu (iStock)
Opendoor revenue bounces back in Q1
Opendoor revenue bounces back in Q1
Joan Rivers and 1 East 62nd Street (Getty, Sotheby's)
Joan Rivers’ longtime UES penthouse hits the market for $38M
Joan Rivers’ longtime UES penthouse hits the market for $38M
Clockwise from top left: Scott Stringer, Maya Wiley, Raymond McGuire, Andrew Yang and Shaun Donovan (Getty)
What do Brooklyn homes cost? Don’t ask these candidates
What do Brooklyn homes cost? Don’t ask these candidates
Exhausting other options, buyers flock to fixer-uppers
Exhausting other options, buyers flock to fixer-uppers
Exhausting other options, buyers flock to fixer-uppers
(iStock)
Up, up and away: Home prices soar beyond buyers’ reach
Up, up and away: Home prices soar beyond buyers’ reach
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...