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== Further reading == |
== Further reading == |
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* {{Cite book |last=Bullough |first=Oliver |year=2022 |title=Butler to the World: How Britain Helps the World's Worst People Launder Money, Commit Crimes, and Get Away with Anything |url= |location=New York |publisher=St. Martin's Press |isbn=9781250281920 |oclc=1303568974}} |
* {{Cite book |last=Bullough |first=Oliver |year=2022 |title=Butler to the World: How Britain Helps the World's Worst People Launder Money, Commit Crimes, and Get Away with Anything |url= |location=New York |publisher=St. Martin's Press |isbn=9781250281920 |oclc=1303568974}} |
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* {{cite web |title=Ukraine crisis: How much Russian money is there in the UK? |url=https://www.bbc.co.uk/news/60348046 |website=BBC News |date=11 March 2022}} |
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* {{cite web |title=Five things we learned about Russians in the UK |url=https://www.bbc.co.uk/programmes/articles/183cmHs1NCzL61ghjRvgMJ/five-things-we-learned-about-russians-in-the-uk |website=BBC Radio 4 |access-date=17 July 2022}} |
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== External links == |
== External links == |
Revision as of 01:43, 17 July 2022
Russian money has been prevalent in London since the dissolution of the Soviet Union in 1991, following which many Russian oligarchs sought to invest their wealth in other countries.[1] British Government policy encouraged the flow of foreign capital into the United Kingdom, for example through the foreign investor visa routes, introduced during John Major's premiership, one-fifth of whose recipients are Russian citizens.[1][2] Additional funds flow to British overseas territories, commonly used as tax havens, such as the Cayman Islands and British Virgin Islands.[3] The concept[which?] is commonly associated with the terms "Londongrad" and "Moscow-on-Thames".[1]
Over £27bn is invested by Russian citizens in the United Kingdom.[3]. In 2018, following the poisoning of Sergei and Yulia Skripal, a report titled "Moscow's Gold: Russian Corruption in the UK" was published by the Foreign Affairs Committee.[4] In 2020, the Intelligence and Security Committee said that the influence of Russian business was so deeply embedded in the British financial system that it "cannot be untangled".[3][5]
Following the 2022 Russian invasion of Ukraine there was a political desire to take action against UK-based oligarchs. Unexplained wealth orders are expected to be better enforced and foreign investor routes scrapped. The Economic Crime Bill was also revived and it includes a register to improve transparency of ultimate land ownership, currently obscured through the use of shell companies.[6][7][1][2] Reuters reported that some Russian citizens have been making ownership changes and consulting lawyers to shield their assets.[3]
See also
References
- ^ a b c d "The rise and fall of Londongrad". The Economist. 5 March 2022. Archived from the original on 6 March 2022. Retrieved 6 March 2022.
- ^ a b "Londongrad: Is U.K. finally cracking down on dodgy Russian money?". Washington Post. Archived from the original on 2022-03-02. Retrieved 2022-03-06.
- ^ a b c d Macaskill, Andrew; Belton, Catherine (28 February 2022). "Londongrad tries to kick its 30-year Russian money habit". Reuters. Archived from the original on 2022-03-01. Retrieved 2022-03-06.
- ^ "Moscow's Gold: Russian Corruption in the UK" (PDF). House of Commons Foreign Affairs Committee. 15 May 2018. Archived (PDF) from the original on 3 March 2022. Retrieved 6 March 2022.
- ^ "Russia" (PDF). Intelligence and Security Committee of Parliament. 21 July 2020. Archived (PDF) from the original on 3 March 2022. Retrieved 6 March 2022.
- ^ Pickard, Jim (28 February 2022). "Government brings forward bill to tackle UK's 'dirty money'". Financial Times. Archived from the original on 1 March 2022. Retrieved 6 March 2022.
- ^ The Editorial Board (23 February 2022). "Kremlin ties to 'Londongrad' need to be cut". Financial Times. Archived from the original on 4 March 2022. Retrieved 6 March 2022.
Further reading
- Bullough, Oliver (2022). Butler to the World: How Britain Helps the World's Worst People Launder Money, Commit Crimes, and Get Away with Anything. New York: St. Martin's Press. ISBN 9781250281920. OCLC 1303568974.
- "Ukraine crisis: How much Russian money is there in the UK?". BBC News. 11 March 2022.
- "Five things we learned about Russians in the UK". BBC Radio 4. Retrieved 17 July 2022.
External links
- Bullough, Oliver (May 25, 2018). "How Britain let Russia hide its dirty money". The Guardian. Retrieved July 3, 2022.