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No, it doesn't. The UK is the number one loser globally from corporate tax avoidance (the reason why we have a 15% rate is because the UK functionally stopped b

No, it doesn't. The UK is the number one loser globally from corporate tax avoidance (the reason why we have a 15% rate is because the UK functionally stopped being able to collect corp tax because of the big EU tax havens agreeing deals with large companies). The reason why the UK doesn't like these proposals is because they are a fairly transparent attempt to get companies paying more US tax, regardless of the consequences for anyone else (and the proposals have been skilfully tailored to produce the most agreement from France and Germany whilst promising the least possible change). As for "oligarchs and criminals"...those are two different things. The UK already applies extraterritoriality to money coming into the UK (i.e. if you bring money into the UK that is the proceeds of crime in another country that money will get taken, even if you haven't been charged in your own country). But most people view oligarchs as criminals, they are not. Running a business is not a crime, and we shouldn't make into a crime because that person happens to be the wrong nationality (btw, what most people don't understand is that the UK was a haven for oligarchs who were anti-Putin, not pro...the reason why they came here is because they had to leave Russia because of Putin).

thefounder 5y ago
>> The UK already applies extraterritoriality to money coming into the UK (i.e. if you bring money into the UK that is the proceeds of crime in another country that money will get taken, even if you haven't been charged in your own country). Still... the UK is often cited as “the money laundering capital of the world,” with an estimated minimum £90bn laundered through the City of London every year (based on NCA figures alone). London loves money laundering b/c there is money to be made. >> The report said “the arrival of Russian money has resulted in a growth industry of enablers – [British] lawyers, accountants and estate agents have all played a role”. >> “disturbing” prevalence of Russian money laundering in London, claiming up to half of all money laundered from the country is done through the UK. https://www.cityam.com/top-official-warns-of-disturbing-amount-of-russian-money-laundering-in-uk/ https://www.cityam.com/top-official-warns-of-disturbing-amou...
- hogFeast 5y ago
  £90bn in a financial system that moves trillions daily. The UK isn't the money laundering capital of the world...you have just quoted yourself...it is an extremely bad idea to launder money through the UK's financial system (unless you live somewhere that doesn't comply with CRS...in which case it doesn't matter). And what is the accusation here...as I said previously, everyone equates Russia with money laundering because...you know, all Russians are evil but it is not easy to connect directly with crimes (and yes, UK police have this stereotype too, they are clueless). Btw, if you read your link carefully, you would have realised that these companies don't use the UK's financial system to launder money (again, bad idea...even when Russia isn't going to comply with CRS notices). What happened is that some people use SLPs to transfer money through UK corporate structures (but not the UK's financial system) before going somewhere else. This has basically stopped because the structure of SLPs was changed (and btw, very few people made money from this, it cost £20 to set up an SLP).
  - thefounder 5y ago
    >> £90bn in a financial system that moves trillions daily. £90bn is based on NCA official figures that are always more "conservative" for obvious reasons. I think that amount is quite big anyway. >> The UK isn't the money laundering capital of the world...you have just quoted yourself... Nah...I quoted from the website linked. You can also google it. It's on all major websites including the financial ones(i.e ft.com). >> Russians are evil but it is not easy to connect directly with crimes Right...laundering money is a apparently a crime in itself to begin with but I guess that doesn't matter much to you. Here is another quote for your enjoyment: "London is ‘the jurisdiction of choice’ for Russian crime gangs". Anyway let's not make this a "russian" thing. London is the money laundering capital of the world after all. It's not open for russians only. >> it is an extremely bad idea to launder money through the UK's financial system (unless you live somewhere that doesn't comply with CRS...in which case it doesn't matter)... Apparently that's just old good BS. The wise guys launder happily and are not bothered as long as they give back. >> And what is the accusation here... It shouldn't be that hard to figure it out, Walter! Hints: “the money laundering capital of the world”; "‘the jurisdiction of choice’ for Russian crime gangs"
drcongo 5y ago
Firstly, nobody said that oligarchs were criminals, that's why the word "and" is in between them in the OP. Secondly... > The UK is the number one loser globally from corporate tax avoidance Yes, it is. Which doesn't _at all_ negate anything I said.
- hogFeast 5y ago
  Then why say it? If you are equating oligarchs to criminals then why does it matter that they bring money into the UK? And yes, it does. That is why the UK was one of the first signatories to CRS, that is why the UK complied fully with FATCA, that is why the UK has some of the strongest AML processes anywhere, that is why the UK applies its law extraterritorially to pursue the proceeds of crime, that is why the UK brought in the tech tax...this is all totally inconsistent with what the UK has actually done.

thefounder 5y ago

>> The UK already applies extraterritoriality to money coming into the UK (i.e. if you bring money into the UK that is the proceeds of crime in another country that money will get taken, even if you haven't been charged in your own country). Still... the UK is often cited as “the money laundering capital of the world,” with an estimated minimum £90bn laundered through the City of London every year (based on NCA figures alone). London loves money laundering b/c there is money to be made. >> The report said “the arrival of Russian money has resulted in a growth industry of enablers – [British] lawyers, accountants and estate agents have all played a role”. >> “disturbing” prevalence of Russian money laundering in London, claiming up to half of all money laundered from the country is done through the UK. https://www.cityam.com/top-official-warns-of-disturbing-amount-of-russian-money-laundering-in-uk/ https://www.cityam.com/top-official-warns-of-disturbing-amou...

hogFeast 5y ago
£90bn in a financial system that moves trillions daily. The UK isn't the money laundering capital of the world...you have just quoted yourself...it is an extremely bad idea to launder money through the UK's financial system (unless you live somewhere that doesn't comply with CRS...in which case it doesn't matter). And what is the accusation here...as I said previously, everyone equates Russia with money laundering because...you know, all Russians are evil but it is not easy to connect directly with crimes (and yes, UK police have this stereotype too, they are clueless). Btw, if you read your link carefully, you would have realised that these companies don't use the UK's financial system to launder money (again, bad idea...even when Russia isn't going to comply with CRS notices). What happened is that some people use SLPs to transfer money through UK corporate structures (but not the UK's financial system) before going somewhere else. This has basically stopped because the structure of SLPs was changed (and btw, very few people made money from this, it cost £20 to set up an SLP).
- thefounder 5y ago
  >> £90bn in a financial system that moves trillions daily. £90bn is based on NCA official figures that are always more "conservative" for obvious reasons. I think that amount is quite big anyway. >> The UK isn't the money laundering capital of the world...you have just quoted yourself... Nah...I quoted from the website linked. You can also google it. It's on all major websites including the financial ones(i.e ft.com). >> Russians are evil but it is not easy to connect directly with crimes Right...laundering money is a apparently a crime in itself to begin with but I guess that doesn't matter much to you. Here is another quote for your enjoyment: "London is ‘the jurisdiction of choice’ for Russian crime gangs". Anyway let's not make this a "russian" thing. London is the money laundering capital of the world after all. It's not open for russians only. >> it is an extremely bad idea to launder money through the UK's financial system (unless you live somewhere that doesn't comply with CRS...in which case it doesn't matter)... Apparently that's just old good BS. The wise guys launder happily and are not bothered as long as they give back. >> And what is the accusation here... It shouldn't be that hard to figure it out, Walter! Hints: “the money laundering capital of the world”; "‘the jurisdiction of choice’ for Russian crime gangs"

drcongo 5y ago

Firstly, nobody said that oligarchs were criminals, that's why the word "and" is in between them in the OP. Secondly... > The UK is the number one loser globally from corporate tax avoidance Yes, it is. Which doesn't _at all_ negate anything I said.

hogFeast 5y ago
Then why say it? If you are equating oligarchs to criminals then why does it matter that they bring money into the UK? And yes, it does. That is why the UK was one of the first signatories to CRS, that is why the UK complied fully with FATCA, that is why the UK has some of the strongest AML processes anywhere, that is why the UK applies its law extraterritorially to pursue the proceeds of crime, that is why the UK brought in the tech tax...this is all totally inconsistent with what the UK has actually done.