Britain cannot claim to confront the Iranian regime while simultaneously serving as a repository for its money.
By Emily Schrader
The United Kingdom likes to pretend it is still a defender of democracy and a leader in confronting authoritarian regimes. Yet when it comes to the Islamic Republic of Iran, Britain’s policies reveal a far more uncomfortable reality.
Despite years of warnings from security officials and lawmakers, the UK government has still failed to designate the Islamic Revolutionary Guard Corps (IRGC) as a terrorist organization, even after the European Union has done so. There are a litany of excuses offered as to why, but one possible factor is increasingly difficult to ignore: Islamic regime-linked wealth has become deeply embedded inside the British financial and property system.
Recent reporting illustrates just how extensive these connections may be. Investigations into the financial network surrounding the new Supreme Leader Mojtaba Khamenei, the son of late Supreme Leader Ali Khamenei, have linked him to a series of luxury properties in London. Property records indicate that two high-end apartments in Kensington were purchased in 2014 and 2016 for roughly £50 million. The apartments are located just meters from the Israeli Embassy. The properties were reportedly registered through companies tied to Iranian businessman Ali Ansari, a longtime associate of regime elites who has since been sanctioned by the British government for his alleged role in helping finance activities linked to the IRGC.

Further reporting suggests these apartments may represent only a fraction of the assets connected to that network. Investigations have identified a broader web of London properties linked through intermediaries and shell companies, including homes on Hampstead’s Bishops Avenue, often called Billionaires’ Row. The combined value of these properties has been estimated in the hundreds of millions.
At the center of this network is Ali Ansari, an Iranian banker and businessman who built a vast property empire across some of London’s most expensive neighborhoods. Yet by the time sanctions were imposed, many of the assets connected to his business network had already been absorbed into the British property market through offshore companies and complex ownership structures – something which works to the benefit of nefarious actors like the Supreme Leader.
The financial power surrounding the Supreme Leader’s office is enormous. A 2013 Reuters investigation estimated that Setad, the conglomerate controlled by the Supreme Leader and formally known as the Execution of Imam Khomeini’s Order, oversees assets worth roughly $95 billion across industries including telecommunications, banking, pharmaceuticals, real estate, and energy holdings. Setad was originally created after the 1979 revolution to manage properties confiscated from Iranians who fled the country, including businesses and land seized from political opponents and religious minorities. Over time it evolved into a vast corporate empire operating largely outside public oversight and answering directly to the Supreme Leader’s office.

Setad is only one component of the broader economic structure controlled by Iran’s ruling elite. Religious foundations known as bonyads, which also report directly to the Supreme Leader, control an estimated 10 to 20 percent of Iran’s economy. These organizations operate with minimal transparency and enjoy sweeping tax exemptions while managing massive portfolios of real estate, industrial assets, and financial investments.
Analysts have long viewed Mojtaba Khamenei as a key figure inside this financial and political network. For years he has been widely described by Iran experts as a power broker within the Supreme Leader’s office who maintains close ties with senior commanders of the IRGC. Together, the economic empires of Setad, the Bonyads, and IRGC-linked business networks control significant portions of Iran’s economy, creating a system where political authority and economic wealth are tightly intertwined.
The IRGC itself operates one of the largest economic empires in the Middle East. Analysts estimate that companies connected to the IRGC control between 20 and 40 percent of Iran’s economy, with holdings in construction, telecommunications, banking, energy, transportation, and shipping. The Guard’s massive engineering conglomerate, Khatam al Anbiya, has secured billions of dollars in infrastructure and energy contracts across the country. Because many of these businesses operate through private companies, front organizations, and intermediaries, the financial networks tied to the regime frequently extend far beyond Iran’s borders.

This financial ecosystem intersects with another vulnerability inside the British system. London’s real estate market has become one of the world’s most attractive destinations for opaque foreign capital. Transparency advocates have warned for years that Britain’s property sector functions as a global laundromat for politically exposed wealth. According to Transparency International, more than £5.6 billion in suspicious funds has been invested in UK property linked to corruption or politically exposed individuals.
A major reason for this vulnerability is the widespread use of offshore ownership structures. Prior to recent transparency reforms, roughly 90 percent of foreign-owned property in London was held through offshore shell companies registered in secrecy jurisdictions such as the British Virgin Islands or Panama. Even today, more than 90,000 properties across the United Kingdom remain owned through offshore entities, often making it extremely difficult to identify the ultimate beneficial owner. These structures have allowed politically connected elites from around the world, including figures linked to sanctioned regimes, to quietly park wealth in Britain’s property market.
Members of the Islamic Republic’s ruling families have also established personal and professional footholds in the United Kingdom. Hadi Larijani, the son of senior Iranian regime official Mohammad Javad Larijani, works as a professor at Glasgow Caledonian University in Scotland. Another Larijani family member, Zeinab Ardeshir Larijani, is listed in UK corporate filings as a director of British companies. The Larijani family is one of the most powerful political dynasties in the Islamic Republic. Several brothers have held top positions in the regime including speaker of parliament, head of the judiciary, and senior adviser roles to the Supreme Leader.
The contradiction is striking. While the Iranian regime arrests protesters, suppresses women’s rights, and funds militant proxies across the Middle East, relatives of senior officials appear able to live, work, and conduct business in Western countries including Britain.
This reality raises an uncomfortable question. If the UK government were to designate the IRGC as a terrorist organization and aggressively dismantle the financial networks tied to the regime, what else, and who else, might be exposed inside Britain’s own economy?
For years, London has benefited from its role as a global financial hub. But that openness has also created vulnerabilities. The same system that attracts legitimate international investment has also provided opportunities for authoritarian elites to shield their wealth abroad.
Britain cannot claim to confront the Iranian regime while simultaneously serving as a repository for its money. If the UK is serious about countering Tehran’s destabilizing activities, it must begin by addressing the regime-linked financial networks operating within its own borders.
Until that happens, the message from London will remain painfully clear:
The Islamic Republic may be condemned in speeches and sanctions lists… but its money is still welcome.
About the writer:

Emily Schrader is an American-Israeli journalist, human rights activist, and the founder of the Iran Israel Alliance. She is an an anchor at ILTV News, and the host of Axis of Truth on JNS. Emily also is a cofounder of the Cyrus Strategic Fund, and she sits on the executive board of the Institute for Voices of Liberty, a think tank focused on European and American Iran policy, and has advised lawmakers across North America and Europe on Iran policy. In 2025, she released her first book, 10 Things Every Jew Should Know Before They Go To College and has lectured all over the world on the topic of rising antisemitism. Emily is the winner of the 2023 Nefesh b’Nefesh Bonei Zion award for outstanding immigrants to Israel, and in 2025, she was given the Women of Iron award by Chochmat Nashim for her dedication to women’s rights.
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