The Financial Times: How did London become the world’s capital of dirty money?

Abu Dhabi (Etihad)

A report by the British newspaper “Financial Times” indicated that it is indisputable that London is the capital of dirty money in the world, and according to the report: “For many decades London has been welcoming corrupt people and criminals from all over the world. . ” There are key aspects, legal and financial, that make London an ideal place to bring in dirty money from around the world. The British Empire conquered several overseas places, the British Virgin Islands and the Channel Islands. It needed a new goal, and that goal was the financial secrecy of the Shell companies, which were camouflage companies, or a way for people to navigate the world economy without leaving fingerprints, and the engine of a multi -trillion dollars maritime industry teeming with dirty money, and so corruption has become worldwide.
While Britain was doing so, the report says, the Soviet empire collapsed within a few years in the 1990s. To attract the wealth of the Soviet empire, the oligarchy “the business elite” emerged, who rushed around the world and met in London, the center of dirty money.
In a statement included in the report, Margaret Hodge, a Member of the British Parliament for the Labor Party, said the assets came with a “major transformation” during the era of Margaret Thatcher when she began liberalizing the financial services sector. has, and then it continued under the “Labor government” with David Cameron.
Elsewhere, Kate Bewley, legal editor of the Financial Times, says the UK has welcomed money of all kinds over the past two decades: law firms, real estate agents and the government. The report also indicates that there are recorded statements from Boris Johnson, when he was mayor of London, that encourage the arrival of money to London. The Stock Exchange also welcomed many companies, and they wanted these companies to take the UK and London as their European base, according to Cat Rutter Poli, a writer specializing in UK financial affairs for the Financial Times newspaper.

The report believes that one of the reasons that has driven Britain into this is that the ruling elite in Britain believes that it should not stand in the way of companies and businesses at all costs.
The report notes that once you have the cash in London, you can essentially use it as if it were clean. People do not bring this money over land to drug cartels, they put it on the beach to buy houses in Kensington.
The report pointed out that you can own property in the UK through a shell company, and if you already own it through a foreign shell company, you do not have to determine who actually owns this property. Attorneys are on hand to advise on these complex transactions, creating an opaque ownership structure for some of our most valuable homes in the UK.
The report included data, the most important of which are: 84,000 homes in the UK are of unknown owners, and there is £ 6.7 billion worth of British property bought with suspicious wealth, including £ 1.5 billion in the form of 150 titles, bought by foreign individuals accused of corruption. We found £ 830 million worth of UK-owned property by shell companies based in the UK and overseas territories.
The report concluded that if you want to defend your wealth and reputation, the City of London is the perfect place to come if you want to do so.
Our responsible laws, which are very friendly to plaintiffs, make the Supreme Court an ideal place to file your highly responsible claims. And the City of London is home to some of the best law firms in the world that can help bring them in. When questions about oligarchy are asked by investigative journalists, including those in financial times, lawyers try to silence them.
The report points out that there is an entire industry in London, represented in the major law firms for reputation management, they resist the press and broadcasters, given the attractiveness of the network of lawyers, accountants, businessmen and corrupt officials holding transactions. We identified 81 law firms, 86 British banks and, surprisingly, 177 British educational institutions, all of which accepted or transferred dirty money from around the world.
According to the report, the concern lies not only in the way dirty money is allowed in the country, but incidentally what dirty money pollutes the public sphere and then our politics.
The report finds that Britain, as a very open financial center, will always be vulnerable to dirty money arriving in the country. And it’s really important in this situation to have clear and well-applied rules and that’s something Britain does not have.

Big questions have been asked over the years about the UK’s record of law enforcement, and often UK law enforcement agencies simply outperform top lawyers who have worked for corrupt individuals and criminals.
The Anti-fraud Office (a government organization), for example, has a budget of £ 50m a year. Any oligarch makes so much money in less than a week. I really hope the UK Government will make sure that the National Crime Agency, the Serious Fraud Office and others have the power to combat these practices. We had to go to war to highlight these facts.
There is a series of legislative changes that have been talked about for a very long time, and the government has delayed for a very long time and failed to implement these things and that is what we have now.
“David Cameron promised me in 2015-2016 that he would introduce a bill that would allow us to have a public record of limited ownership of real estate acquired by foreign entities,” said MP Margaret Hodge.
The report draws attention to the fact that the recently passed government-approved economic crime bill is a historic piece of legislation that provides a long overdue, promised property record. A foreign company buying property in the UK is required to tell the Land Registry who actually owns and controls those companies.

Beginning of the End
Hopefully, according to the report, this will be the beginning of the end for people hiding behind yachts. Everyone will have to reveal that they are the beneficial owner of anything, whether it is an airplane, a yacht or a house.
The Economic Crimes Bill makes penalties easier to enforce unexplained wealth orders, and unexplained wealth orders were a new investigative tool given to law enforcement agencies in 2018. It is a type of court order that forces someone with assets of more than £ 50,000 to explain how they are getting their money, the price, if it is not reasonable.

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