Money laundering in the housing market

Meeting: 
MQT on 2015-03-25
Session date: 
March 25, 2015
Reference: 
2015/1133
Question By: 
Stephen Knight
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor
Category: 

Question

How many homes have been confiscated, and how many have had their ownership investigated by the Metropolitan Police Service (MPS) Proceeds of Corruption Unit (POCU) since 2008? Please provide a breakdown by year, including the total value of assets under investigation if known.

Answer

Answer for Money laundering in the housing market

Answer for Money laundering in the housing market

Answered By: 
The Mayor

The Joint Asset Recovery Database (JARD) monitors all confiscations cases across the MPS; it is run and owed by the National Crime Agency. Unfortunately it does not show how many houses are confiscated; it only lists assets which have been taken into account when assessing confiscation orders for court purposes.

Confiscation order - civil

The Police/CPS do not confiscate properties under criminal law. In limited circumstances the CPS can force the sale of a property to satisfy a confiscation order.

The courts make confiscation orders that the convicted person has to satisfy. In some cases the defendant will sell the property to satisfy the order. 

The Proceeds of Corruption Unit (POCU) within the MPS are able to monitor individual confiscations cases in a different way due to volume. Since 2008, the value of nine properties has been settled as a result of confiscation orders. Some of these properties were sold by the owners so that they could settle their orders. The total approximate value was £6.5 - £7 million. Incidentally, POCU criminal investigations also led to the confiscation of four properties under civil powers. The value of these properties was also approximately £7 million.

Criminal investigation

Since 2008, the POCU has looked at one hundred and forty-four (144) properties. The POCU is currently looking at forty-four (44) properties, which may, or may not, represent the proceeds of crime.