https://www.wired.co.uk/article/money-laundering-in-the-uk-russian-banks

Why the UK is losing its costly battle against money laundering

Poor tech implementation and bad communication means mafiosi and oligarchs use London as a money laundering haven

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By Chris Stokel-Walker

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Monday 10 December 2018

Why do the world’s criminals come to London to launder their dirty money?

“It’s a great place for people to settle. You’ve got people who want stable investments in real estate, and want to bring their families and children to a more stable regime. You’ve messed up Russia, right? So where do you want your kids to grow up? Not Russia,” says Friedrich Lindenberg of the Organised Crime and Corruption Reporting Project (OCCRP).

Analysts and academics argue too much of the money flowing around the UK is the result of crime, corruption and tax dodging. The House of Commons Foreign Affairs Committee has gone further still, calling on the government to make it a “major UK foreign policy priority” to stop the use of London as a base for Russian corruption.

And there’s a lot of work to do. “You can walk into the right office in London and set up your British Virgin Islands company, your Panama company, your Guernsey trust,” says Lindenberg. “It’s all handled for you.”

Read more here... https://www.wired.co.uk/article/money-laundering-in-the-uk-russian-banks