Why is the UK a haven for money laundering?

London is one of the biggest financial centers in the world, and it is becoming an increasingly attractive place for criminals to hide their wealth.

Every month, businesses acting as “formation agents” register thousands of new companies in the U.K. Some of these companies are used to commit serious financial crimes, such as money laundering and fraud.

We spoke with Clarke about financial crime and how formation agents can enable illegal activity.

The interview is part of an investigation by OCCRP, the Times, Finance Uncovered and more than 20 other media partners, into Formations House, a London-based formation agent that has registered companies for alleged and convicted criminals around the world.

#uk #london #investigativejournalism #corruptionexposed

[ericaknesek]

Yes but if a person like a normal citizen misses three mortgage payments they get their homes foreclosed on

[digitalcommunist]

Lmao. Banks are fully complicit and know what they are doing.

[AdmiralBonetoPick]

I searched on YouTube "Oxford Street Candy Shops" and this video is the second result on the list. Even the algorithm knows they are a money laundering scam. 😁

[MrDjugashvili]

Royal family itself benefits from this situation! Why they should cut off the hand which feeds them?!

[maureenbrown]

Yet our small charity has just spent 7 months trying to change 2 signatories on our account due we are told to regulations to prevent money laundering. In part it was due to our inability to access an online account due to the regulations that prevent our charity having less than two signatories! We went into the bank many times with proof of identity but appearing in person is not accepted it has to be done online or over the phone. When we finally managed to contact them they asked for the proof to be posted to them, we had already taken it into the bank we couldn’t believe it. Of course they want to close the bank branches and are determined to make banking there as difficult as possible.

[kkapalle]

London is heaven for money loundry, the olligarches set up a offshore company at the former colonies this companies transfer from these British colonies to one of the London partner banks and they all closed the eyes because the banks are greasy, and on top UK gives them a UK citizen ship as investor on top.

[meh]

Bankers own the politicians (on _both_ sides ), politicians keep open the loopholes when they're told to by their owners. There's a reason why the City of London Corp. has different laws than the rest of London, or the country.

Pretty sure that even Stevie Wonder can see what's been going on for decades here.

[anderslarsen]

This is not just the UK. Here to (i.e. Scandinavia) this is going on. That's because in the current version of socalled capitalism, we are all prostitutes, nations and people alike, meaning you have to make yourself attractive. In the case of nations you do this by attracting foreign capital. governments however want to appear to be responsible in the eyes of citizens (i.e. the ones actually paying taxes because they have salary, so they don't have choice). The day nobody recieves a salary because everybody will be a subcontactor to their former employer (it's a lot cheaper for the companies), we will all be "independent" companies, and then nobody will pay any taxes. Great isn't it?

[ianmcbride]

The main reason for Brexit and eu regulation.
London's banking system is so reliant on crown depedancy entities, from the isle of man, Jersey to the likes of tiny islands in far flung colonies with bigger banking operations than some developed economies....
And it's not just dirty Russian money, but Brits and others who just want to avoid paying tax, this is the bottom line.
Is it any wonder that the conservative regime is up to it's neck in It. Making new laws that are not supported,
Crime agencies told not to investigate and non existent budget for investigation into tne banking system, r prosecutions up to now, go figure

[johnbutler]

Civilized democratic world. Where the hell is that. Not on this planet.

[onelife]

Distinct lack of integrity in some of these company formation agencies. The incentive should be integrity and upholding their professional reputation but people from certain countries do not view it that way. They don’t even care to uphold the service agreement when they charge people .
Never again.

[Ham-pbpb]

The only thing I can launder is dirty clothes.

[ericaknesek]

Doesn’t the queen use an offshore banking shell company

[SpencerSoyemi]

Many people would soon shift from the UK due to fraud, taxes and the issue of ease of doing business. It is one thing to setup a company in the UK, then another to run it properly to be profitable.

[ВикторияВаркиева]

Offshores should be closed in whole world.
Cause poor becomes poorer, rich more rich!
Zelensky owns a Villa in Forte dei Marmi, a $45M beach in Florida and $1.3B offshore
Christian Wulff, ex German President and key Merkel-ally, dodgy loans case, Egon Geerkens

[TomTom-xpjb]

Absolutely!!! Money laundering is one of the biggest problems we're facing and it's getting bigger all the time!!! The big question is Why has nothing been done about this Two Hundred Fifty Trillion elephant in the room!!! Just a little suspicious???

[Rod-bpow]

Money Laundering. Good thing taxes are applied. Counterfeit, fraud, fake, as well as Inflation proof measures are reflected and applied protected from money laundering, as well as Banks that are into those laundering. Non Bailable. Cannot bribe private and public sectors and industries. Best standards and practices shall always be applied.

[dhruvrajkavi]

Wear those glasses some more down your sight.

[luisfer]

Comment section is full of money launderers mad because they got their accounts frozen 😂😂😂

[paulkirton]

we're not in a position to turn down anybody's money.