With holes and impractical oversight-filled laws, London has become a foggy city, a “hub of dirty money”, but a “smell” of the Ukraine crisis.
This is what the British Financial Times revealed about the capital, London, where most of the money laundering is believed to take place through banks in the foggy city, making it one of the main destinations for money launderers. All over the world.
With anti-corruption civic bodies expected to have between 23 23 and ப 57 billion worth of currency devalued annually in the UK, “dirty money” traders are making easy use of legal loopholes in light of weak oversight.
Reasons to facilitate “bleaching” operations
Although the United Kingdom is an open financial center, it lacks the ability to verify and remove misinformation and data from the registry due to a lack of practical and clear rules.
Islands such as the “Virgin Islands” and “The Channel Islands” controlled by the British Empire were a haven for “dirty” money, bogus groups and camouflage companies.
In this context, Nike Maxwell, director of London’s research at Transparency International, said that most of the international money laundering activities take place in the luxury home sector, pointing out the potential for easy money laundering at large. In this field.
Real estate in central London, such as Westminster, Kensington and Chelsea, make up the bulk of this value.
According to the British newspaper, the amount of “suspicious” contracts in the purchase of houses by companies with external connections is about 122 billion pounds, according to data from the Land Center.
According to statistics, about 84,000 homes in Britain are anonymous, and 6. 6.7 billion worth of property in the UK was bought with dubious luck.
According to the same newspaper, சொத்து 1.5 billion, or about 150 property titles, were bought by Russians accused of corruption or have close ties to the “Kremlin”.
10-20 sells important assets to the rich and they have a third party, usually a lawyer or broker.
The British judiciary is seeking to tighten measures to curb money laundering, as former governor of Nigeria’s oil-rich “Delta” state James Ibori has been sentenced to 13 years in prison. .
The British newspaper, The Independent, reported that “these funds are managed by companies in British overseas territories and in crown states.”
He added, “The secrecy provided by these overseas financial centers is often used by those seeking to cover up property rights.”
Promises of Tony Blair
Darren Jones, director of anti-money laundering in London, said: “Since Tony Blair was prime minister, we have made promises that governments will handle them. We have made more than one promise to create a public register of owners. The promise is repeated.
According to the report, key features in the legal and financial system make the city of London an ideal place to bring in dubious money and laundry wealth.
How did London become the “capital of dirty money”?
The Financial Times reports that the beginning of the transformation of London into a capital of dirty money began with the liberalization of the financial services sector during the time of Margaret Thatcher and then continued under the government of David Cameron, whose election in the aftermath of the defeat of which politicians refused to face the challenge of removing the dirty money in London.
For the past two decades, the UK has actually welcomed Russian money to the government from law firms and real estate agents.
There have been recorded reports that the current Prime Minister, Boris Johnson, has been the Mayor of London, wanting to turn London into a hub for Russian money.
Levels of “money laundering” activities
The crime of money laundering goes through two stages.
The next stage is to cover up or cover up the involvement of illegal funds through a series of banking and financial activities.
For example, this is done by transferring money from a bank account in “Latvia” or from an account in “Cayman Islands” to a Shell company in the UK, where it must report to the real owners’ “Company House” register. Beneficiaries, but easy to escape.
The money is then moved through a complex set of financial transactions, away from sources of wealth and integrated into the British financial system, where assets, property and real estate can be purchased with the help of lawyers and real estate agents. Once the money enters London, a person can dispose of it “cleanly”.
The United Nations Convention against Corruption (UNCAC) has been in force since 2005, and its fourth and fifth chapters define the procedures for recovering stolen funds abroad, including a fair court order to confiscate stolen funds.
The report points out that once a company is registered, it can register a company in a matter of minutes without anyone verifying that information.
Requests are usually approved within 24 hours. They do not really have the legal authority to verify, investigate, or remove false information.
There are currently a few addresses registered by thousands of companies in the UK and you can not find anyone if you knock on the door.
And these places are imaginatively arranged to hide the real ownership of those who actually control and benefit from the money flowing through that company.
It also points to the role of British banks, where about 86 banks around the world are involved in transferring corrupt wealth, and once the money comes to London you can use it as if it were clean.
You may own property in the UK through a shell company or an offshore shell company, and if you already own it through an offshore shell company you do not need to identify the property owner.
British law firms are adept at advising on these complex transactions and assisting them to obtain appropriate compensation.
This creates an opaque ownership framework for some of the UK’s most valuable homes, with an unknown number of homes owned by nearly 84,000.
There are 81 law firms, 86 banks and 177 educational institutions in the UK that have adopted or converted “dirty” money from around the world.
Thus, despite attempts to deal with such an event, London has become the world’s oldest capital, the first place for money laundering. Is it time to implement it?
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