Showing posts with label "London Laundromat". Show all posts
Showing posts with label "London Laundromat". Show all posts
Thursday, May 12, 2022
Why Oligarchs Choose London for Their Dirty Money | The Economist
Sunday, March 13, 2022
U.K. vs. Oligarchs: ‘The Gloves Are Now Off’
THE NEW YORK TIMES: Russia’s war in Ukraine has finally led the British government to go after ultrawealthy Russians in London. But curbing the flood of corrupt money will require going after more than the big names.
A view of London. Some Britons are calling on their government to curb a phenomenon that some call the “London laundromat.” | Andrew Testa for The New York Times
LONDON — On Friday, the day after Britain blacklisted seven prominent Russian oligarchs, residents of the wealthy London borough of Kensington and Chelsea rolled a washing machine overflowing with fake pound notes in front of a multimillion-dollar townhouse belonging to the family of the president of Azerbaijan.
It was a camera-ready stunt that made a serious point: For Britain to be successful in curbing the flood of dirty money — a phenomenon some call the “London laundromat” — it needs to go further than imposing sanctions on highly visible Russians like Roman Abramovich, the billionaire owner of the Chelsea soccer club.
The Azerbaijani leader, Ilham Aliyev, is one of hundreds of wealthy foreigners who have exploited Britain’s lax regulations to amass property and other assets, often under a web of offshore companies that disguise their ownership. Others have parlayed their fortunes into gilt-edged social status, endowing revered British cultural and educational institutions, or donating money to the Conservative Party.
Targeting these figures will be even more challenging than going after boldface names like Mr. Abramovich, whose ties to President Vladimir V. Putin of Russia are longstanding and well documented. But the protesters in Kensington said such an effort was crucial if Britain genuinely wanted to rid itself of the taint of dirty money. » | Mark Landler and Stephen Castle | Sunday, March 13, 2022
LONDON — On Friday, the day after Britain blacklisted seven prominent Russian oligarchs, residents of the wealthy London borough of Kensington and Chelsea rolled a washing machine overflowing with fake pound notes in front of a multimillion-dollar townhouse belonging to the family of the president of Azerbaijan.
It was a camera-ready stunt that made a serious point: For Britain to be successful in curbing the flood of dirty money — a phenomenon some call the “London laundromat” — it needs to go further than imposing sanctions on highly visible Russians like Roman Abramovich, the billionaire owner of the Chelsea soccer club.
The Azerbaijani leader, Ilham Aliyev, is one of hundreds of wealthy foreigners who have exploited Britain’s lax regulations to amass property and other assets, often under a web of offshore companies that disguise their ownership. Others have parlayed their fortunes into gilt-edged social status, endowing revered British cultural and educational institutions, or donating money to the Conservative Party.
Targeting these figures will be even more challenging than going after boldface names like Mr. Abramovich, whose ties to President Vladimir V. Putin of Russia are longstanding and well documented. But the protesters in Kensington said such an effort was crucial if Britain genuinely wanted to rid itself of the taint of dirty money. » | Mark Landler and Stephen Castle | Sunday, March 13, 2022
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