4 ms·

>> 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

>> 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"

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"