Following Russia’s intrusion of Ukraine, and resultant sanctions on President Putin’s oligarch elite, a spotlight has actually been securely cast on the British capital and its complicity as a shop for unclean cash.
When Russia installed its war in Ukraine in February 2022, Britain was among the very first Western allies to enforce sanctions on the nation.
As of May, those sanctions have actually reached over a thousand people and companies seen to be sustaining President Vladimir Putin’s war chest with ill-gotten wealth. That consists of banks with overall international possessions of ₤500 billion ($613 billion) and oligarchs and their households with a combined net worth of ₤150 billion.
But behind London’s restriction lies a dubious relationship with Russian wealth that is anything however trick: A credibility for which it made the labels “Londongrad,” the “London laundromat” and “Moscow-on-Thames” well prior to the war.
A house for unclean cash
A December 2020 Home Office report discovered a “significant volume of Russian, or Russian-linked illicit finance channeled through the UK economy,” consisting of on things like high-end U.K. property, independent school costs, high-end automobiles, and in some cases as contributions to cultural organizations.
“If you’re looking for somewhere safe to stash the proceeds of your nefarious activities, London’s a very attractive place to do it,” stated Duncan Hames, director of policy at Transparency International.
Clamping down on corruption
Amid mounting worldwide pressure, Britain is now looking for to restore its credibility with a brand-new clampdown on corruption.
In March 2022, the federal government presented into law a long-awaited Economic Crime Act, increasing sanction powers and needing foreign owners of U.K. residential or commercial properties to expose their identities.
But will it succeed? And simply how will London fare without its repair of prohibited financing? Watch the video above to discover.
