Fraudstorytelling | Weekly filmtips | August 24, 2022
Title: How London became the dirty money capital of the world
Producer: Financial Times
Tagging: #corruption, #government, #deficientgovernment, #moneylaundering
How did London become the dirty money capital of the world? According to the Financial Times, London is known as the place where dirty money comes to party. Over the past two decades, the UK has welcomed Russian money of all kinds. It is a popular destination for Russian oligarchs and a major financial center for Russian corporations. This was facilitated by British politicians of all stripes. However, critics have dubbed it the “London laundromat” because it allowed billions of pounds (some of them obtained through illegal or questionable means) to be hoisted out of the Russian economy and into trophies in the UK.
After Russia launched its full-scale invasion of Ukraine on February 24, British Prime Minister Boris Johnson declared he wanted to turn the tide, apply harsh sanctions on individuals and organizations connected to the Kremlin, and crack down on money laundering. In this video, The Financial Times investigates why it took Russia’s invasion of Ukraine to bring the issue to light and whether new sanctions and measures to address the issue go far enough.
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