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The UK has been relatively proactive regarding money laundering. It was actually one of the first countries to mandate a publicly accessible company registry th
by AlanYx 6y ago
The UK has been relatively proactive regarding money laundering. It was actually one of the first countries to mandate a publicly accessible company registry that includes beneficial owners.
Canada is on the other end of the spectrum in terms of both transparency requirements and enforcement, so much so that the term "snow washing" has become part of the vernacular internationally, and even garnered its own Wikipedia entry. There are developing countries (e.g., Ghana) that have more robust anti-money laundering regimes.
- alexgmcm 6y agoYeah, the UK even has Unexplained Wealth Orders specifically to combat money laundering and dirty money in general. [1] [1] https://en.wikipedia.org/wiki/Unexplained_wealth_order https://en.wikipedia.org/wiki/Unexplained_wealth_order
- SideburnsOfDoom 6y agoAnd luxury flats for that sit empty, and a football team owned by a Russian billionaire. Laws on the books are on thing, using them is another.
- piva00 6y agoYup, I'm originally from a country where it's a common saying between people that there are "laws that stick" and "laws that don't stick". The only value of a law is in its enforcement, watching the flow of oligarchs' money towards City of London tells me enforcement is still very subpar.
- devtul 6y agoFunny enough in my country we have rules or laws "For the English to see", that exists only to look good but never really enforced.
- psychiatrist24 6y agoWhat is the issue with a football team being owned by a Russian billionaire? Seems like a legit investment?
- SideburnsOfDoom 6y ago> Seems like a legit investment If it's legit money, sure. FYI: https://www.standard.co.uk/sport/football/chelsea-fc-roman-abramovich-putins-people-book-b925570.html https://www.standard.co.uk/sport/football/chelsea-fc-roman-a... https://www.reuters.com/article/us-chelsea-abramovich-book-idUSKBN2BF1XV https://www.reuters.com/article/us-chelsea-abramovich-book-i...
- psychiatrist24 6y agoI don't understand, would Putin ordering the purchase mage it illegit? It's of course possible that Abramovich got his riches by illegal means. Nevertheless buying a football club seems like a normal thing to do (for rich people).
- wp381640 6y agoUWO’s are new and Abramovich has said he’s bailing on the UK I don’t think his purchase would work today
- SideburnsOfDoom 6y agoAppears to be correct: > An unexplained wealth order (UWO) is a type of court order issued by a British court to compel the target to reveal the sources of their unexplained wealth. UWOs were introduced by sections 1–2 of the Criminal Finances Act 2017 > In June 2003, Abramovich became the owner of the companies that control Chelsea Football Club in West London. Both from Wikipedia