DIRTY money, the billions of sanctioned Russian wealth in this constituency and across the country, matters to local communities.

A recent Commons debate discussed what we should do with this sanctioned wealth, and I made the case for using this £22.7billion, equivalent to 28,375 Storm Shadow missiles – far more than our entire UK stockpile – to support the people of Ukraine.

In neighbourhoods across the Cities of London and Westminster, from Belgravia to St John’s Wood, where residents are deeply connected to the heart of British democracy and society, dirty money is distorting the property market and undermining the aspirations of the 27,000 private renters in the constituency for a long-term, stable, home.

Luxury properties in Westminster, including those in areas like Knightsbridge and St James’s, have been bought up by individuals with links to corruption and crime.

This inflates property prices, making it increasingly difficult for ordinary families, first-time buyers, and essential workers to afford homes in their own city.

These aren’t just statistics, they are real people being priced out of the very communities that they help sustain.

This isn’t merely a matter of who owns a £50million flat; it’s about how illicit wealth is seeping into our daily lives.

Dirty money affects everything, from housing to public services, and erodes the trust we place in our institutions.

When our capital becomes a safe haven for stolen wealth, it compromises our values and identity.

For those living in Westminster, these issues are deeply personal.

Many of my constituents, including Ukrainians who have sought refuge here, have shared heart-wrenching stories about the horrors their families are enduring back home.

Their fight for freedom reminds us of the importance of not only opposing Vladimir Putin’s illegal war but also tackling the illicit wealth that fuels it.

The individuals behind the sanctioned assets, with direct ties to the Kremlin, should not be allowed to thrive at the expense of ordinary people.

From media figures spreading disinformation to industrialists profiting from chemicals supplied to Russia’s military, their wealth should not enrich them further.

However, our sanctions enforcement system needs to be strengthened. Government departments are not yet working together enough, leaving gaps that allow bad actors to escape justice.

Last year the Office of Financial Sanctions Implementation (OFSI) reported hundreds of suspected breaches, but enforcement actions remain rare.

We need urgent reform. Stronger, coordinated, enforcement across departments, better funding for agencies like the National Crime Agency (NCA) and enhanced transparency are essential.

We must close the loopholes that allow “dark money” to infiltrate politics and finance.

There is a pressing need for better enforcement over our burgeoning sanctions enforcement regime.

In particular there are 473 cases of suspected evasion where there is a clear case for confiscation.

These cases are currently scattered across four different government departments.

The NCA requires adequate funding to effectively tackle these issues.

A significant challenge remains the lack of transparent reporting, which hinders accountability and progress in addressing these concerns.

Do we want to be a country that tolerates corruption, or one that upholds fairness, transparency, and accountability?

When stolen wealth from countries like Russia, Nigeria, and Azerbaijan is laundered through our economy and continues to fund criminal activity, it undermines the UK’s reputation as a reliable and secure place to do business.

Our economy should not be complicit in the forces which fund evil worldwide.

This is why I will continue to focus on this as your MP.

• Rachel Blake is the Labour MP for the Cities of London and Westminster.