// The glut of funds flowing into the UK can be viewed as a sign of confidence in its economy and confirmation that it is one of the most attractive countries in the world in which to live. But, while much of the foreign money inflating property bubbles and private-school fees will have come from legitimate sources, there are grounds to suspect that some has been acquired through the proceeds of corruption.
Gulnara Karimova – the daughter of the late, former Uzbek dictator Islam Karimov, described in leaked US embassy cables as the “single most hated person” in Uzbekistan – is believed to have owned several flats in Belgravia worth millions of pounds. Karimova, who is alleged to have pocketed hundred of millions in bribes for allowing telecoms firms access to the Uzbek market, has been linked to the properties through a company in the British Virgin Islands.
Still, the fact that the corrupt seek to launder money through the UK property market, and in particular London, should be no surprise, experts agree. The capital boasts a vast army of seasoned PR professionals who are skilled in “reputation laundering” – helping dubious individuals enhance their social standing by ensuring that they are invited to the important parties and fundraisers, and that they donate to the right charities, thinktanks and art galleries. //