Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
"Hundreds of British properties suspected of belonging to corrupt politicians, tax evaders and criminals could be seized by enforcement agencies under tough new laws designed to tackle London’s reputation as a haven for dirty money.
Huge amounts of corrupt wealth is laundered through the capital’s banks. The National Crime Agency believes up to £100bn of tainted cash could be passing through the UK each year. Much of it ends up in real estate, and in other assets such as luxury cars, art and jewellery."
From what I understand, we are talking about *foreign investors* first of all, and my prime interest is of course not some Abi Dabaiba from Libya or Bukola Saraki from Nigeria, but Russian oligarchy.
Things that I was talking about here long time ago that this class of "new Russians" is created with the help of Western banking system is acknowledged somewhat (at least partially) at last.
I don't know whether it's too late for these measures already, ( and why wouldn't New York follow them?) but it's definitely a new development to follow.
The US has some very strict, if not the strictest, banking regulations in the world. It's gotten to the point in the post crisis world where some foreign banks don't want American clients because the compliance is too overbearing. There's much better places for Russian oligarchs (Europeans love this word) to hide their money than in the US.
Put me on the list of people who oppose civil forfeiture until after guilt is found. It has become a cash cow to feed the government gravy train. It looks like the UK is going to follow suit.
The UK is consistently ranked as one of the least corrupt countries in the world and the fact that the National Crime Agency is taking such action clearly demonstrates this.
They've been doing that everywhere not just UK. Dubai, Monaco, even in small Bulgaria the coastline is about 80% russian property. Usually I am all for sales of land to foreigners but there gotta be limitations when the sellers aren't too smart to conduct proper deal or in the case when they're too corrupt.
The US has some very strict, if not the strictest, banking regulations in the world. It's gotten to the point in the post crisis world where some foreign banks don't want American clients because the compliance is too overbearing. There's much better places for Russian oligarchs (Europeans love this word) to hide their money than in the US.
While it might be more convenient for Russians to hide their loot in European banks or real estate, the US did their fair share in nurturing and helping to establish the class of "new Russians" earlier.
I am thinking now about the scandal of the *disappeared tranche* of $ 4 billion from the IMF, intended for Russia and deposited in the Republic National Bank of New York, where Kremlin had correspondent account. From that point on the tranche mysteriously dissipated in different directions, starting from Swiss banks. ( From what I remember it was 1998.) Plus, there is always lavish American real estate.
P.S. That Edmond Safra mentioned in the Wiki article, was a partner of William Browder btw, the founder of the "Hermitage Capital" that was involved in notorious scandal, that ended with"Magnitsky act" issued by US Congress, Russian sanctions and all.
Quote:
Put me on the list of people who oppose civil forfeiture until after guilt is found. It has become a cash cow to feed the government gravy train. It looks like the UK is going to follow suit.
I don't know yet how they are planning to go about it, because I am not sure how easy/difficult it is to prove whether money coming from Russia are legal or not. It's all "business money" you know...
The UK is consistently ranked as one of the least corrupt countries in the world and the fact that the National Crime Agency is taking such action clearly demonstrates this.
All this looks wonderful *on the paper,* but when you look closer -
"In the undercover investigative documentary “From Russia with Cash” Boris claims to be buying for his London girlfriend, confides that he has stolen money from his country’s corruption-resources-corruption-resources-healthcare budget and makes clear he can’t afford the properties on his official wage. In response, he is told that the estate agents are comfortable and familiar with dealing in such matters and that they know lawyers who can help make sure that the purchase is made in secret through anonymous companies based in offshore financial centres.
The casual familiarity displayed by the estate agents, adds to the suspicion that corrupt oligarchs buying property is not an unusual phenomenon in the London luxury markets."
The US has some very strict, if not the strictest, banking regulations in the world. It's gotten to the point in the post crisis world where some foreign banks don't want American clients because the compliance is too overbearing. There's much better places for Russian oligarchs (Europeans love this word) to hide their money than in the US.
Put me on the list of people who oppose civil forfeiture until after guilt is found. It has become a cash cow to feed the government gravy train. It looks like the UK is going to follow suit.
If you are American, but some American states are the most important and safest TAX HAVENS in the world. A lot of money from the City is being funneled to Kansas, Rhode Island, etc.
All this looks wonderful *on the paper,* but when you look closer -
"In the undercover investigative documentary “From Russia with Cash” Boris claims to be buying for his London girlfriend, confides that he has stolen money from his country’s corruption-resources-corruption-resources-healthcare budget and makes clear he can’t afford the properties on his official wage. In response, he is told that the estate agents are comfortable and familiar with dealing in such matters and that they know lawyers who can help make sure that the purchase is made in secret through anonymous companies based in offshore financial centres.
The casual familiarity displayed by the estate agents, adds to the suspicion that corrupt oligarchs buying property is not an unusual phenomenon in the London luxury markets."
That's just one example, but I'm sure there is much more of them..
We have no mandate to investigate Corruption in Russia, indeed we don't even have very good diplomatic relations with Russia or a workable extradition treaty.
Cases such as the Alexander Litvinenko radiation poisoning in London, as well as numerous other cases, as well as international events such as Russian involvement in Ukraine and the current indiscriminant bombing by Russia of Aleppo and other parts of Syria have effected our relations with Russia and impacted any ability to work with the Russian authorities.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
