Council officers said a standard function in these investigations had been the usage of opaque shell company constructions to keep away from figuring out the real house owners, irritating efforts to take offenders to courtroom.
Labour council leader, Adam Hug, who has beforehand referred to as the shops a “threat” to Oxford Street’s popularity, additionally raised fears the explosion in abroad property funding within the borough is getting used to launder money of questionable origin.
Speaking because the council launched a brand new “dirty money” campaign, he said: “Westminster’s dirty secret has been known for many years but those in power looked the other way for too long as money of questionable origin flooding into London and investors took advantage of our relatively lax laws.
“Companies House does not have the powers or resources to address those who set up opaque shell companies to launder and export money from London.
“There are more background checks required to get a local authority lending card than to set up a company in the UK.”
Proposals prompt by the council embody for the Government to hike the fee to register a company at Companies House from £12 to £50 and to introduce extra rigorous id checks.
It additionally referred to as for correct implementation of a newly-passed measure which might make a public register of helpful possession register of property.