rooster59 Posted February 3, 2018 Share Posted February 3, 2018 UK promises to crack down on assets of corrupt oligarchs - The Times FILE PHOTO - Ben Wallace arrives for former Britain's Prime Minister David Cameron's first cabinet meeting at 10 Downing Street, in Westminster, London, Britain, May 12, 2015. REUTERS/Suzanne Plunkett LONDON (Reuters) - Britain will use new powers to seize the assets of foreign criminals and corrupt politicians, The Times newspaper reported on Saturday quoting the security minister. Investors from Russia, China and the Middle East have poured billions into London, buying everything from luxury properties to entire companies, but the provenance of some of those funds has been questioned by transparency campaigners. It is unclear how much money is laundered through Britain, but the National Crime Agency has said calculations of between 36 billion pounds ($50.83 billion) and 90 billion pounds ($127.08 billion) are "a significant underestimate". Security minister Ben Wallace told The Times that the government would use powers regarding unexplained wealth to freeze and recover property if individuals cannot explain how they acquired assets over 50,000 pounds ($70,000). "When we get to you we will come for you, for your assets and we will make the environment that you live in difficult," Wallace said. Last year, British media reported on a "Laundromat" inquiry into an alleged Russian-led money laundering scheme, in which $22.3 billion passed through Moldova using Russian shell companies and fictitious loans from offshore companies based in Britain in 2011-2014. Wallace said the government was determined to stop such behaviour. "What we know from the Laundromat exposé is that certainly there have been links to the [Russian] state," he was quoted as saying. "The government's view is that we know what they are up to and we are not going to let it happen any more." -- © Copyright Reuters 2018-02-03 Link to comment Share on other sites More sharing options...
ChrisY1 Posted February 3, 2018 Share Posted February 3, 2018 Laundering money through Britain, US, Australia and etc, is, and has not been difficult....in fact governments for ever have been turning a blind eye and welcoming these funds. Does any one actually believe that questioning people with assets of 50K and above will have any effect on the uber rich? Link to comment Share on other sites More sharing options...
darksidedog Posted February 3, 2018 Share Posted February 3, 2018 Whoa! Russians laundering money, like that's news? If they can find it, prove it, nick it, fair play to them, though I am pretty sure there is a fair bit more on the way, much of which will never get spotted. Cant help but smell a touch of influence on the call, given the timing, from our supposed North American ally, who just so happened to launch a crusade against said Oligarchs just a few days ago. Link to comment Share on other sites More sharing options...
Basil B Posted February 3, 2018 Share Posted February 3, 2018 (edited) The Great British launderette closing down... Where will those pesky Russians launder there dirty money now??? Edited February 3, 2018 by Basil B Link to comment Share on other sites More sharing options...
thaibeachlovers Posted February 4, 2018 Share Posted February 4, 2018 I'm sure some people will be targeted, so they can say "look what a great job we're doing", but the real crooks, I doubt it. Link to comment Share on other sites More sharing options...
Jonmarleesco Posted February 4, 2018 Share Posted February 4, 2018 '... fictitious loans from offshore companies based in Britain ...' I assume this means the British Isles, not the mainland? '"The government's view is that we know what they are up to and we are not going to let it happen any more."' Better late than never, eh? Link to comment Share on other sites More sharing options...
rudi49jr Posted February 4, 2018 Share Posted February 4, 2018 So I guess most of London's expensive real estate - not to mention a few football clubs (Chelsea comes to mind) - will be seized soon? Link to comment Share on other sites More sharing options...
Baerboxer Posted February 4, 2018 Share Posted February 4, 2018 Let's see if they mean it. London always seem to have been seen as a safe, and fairly welcoming, haven for those oligarchs and corrupt deposed politicians in the past. Some of them might be sweating a bit at this announcement - best keep a close watch on your assets, wallet or handbags! Link to comment Share on other sites More sharing options...
Basil B Posted February 4, 2018 Share Posted February 4, 2018 2 hours ago, rudi49jr said: So I guess most of London's expensive real estate - not to mention a few football clubs (Chelsea comes to mind) - will be seized soon? I'm thinking if it not just the Ruskies going to be targeted then a fer years ago Man City may have been been taken over by Her Majesty's Gov... Link to comment Share on other sites More sharing options...
maxcorrigan Posted February 4, 2018 Share Posted February 4, 2018 Wonder if this new crack down will affect Yingluk and her big Brother then? Link to comment Share on other sites More sharing options...
catman20 Posted February 4, 2018 Share Posted February 4, 2018 21 hours ago, ChrisY1 said: Laundering money through Britain, US, Australia and etc, is, and has not been difficult....in fact governments for ever have been turning a blind eye and welcoming these funds. Does any one actually believe that questioning people with assets of 50K and above will have any effect on the uber rich? NO! Link to comment Share on other sites More sharing options...
catman20 Posted February 4, 2018 Share Posted February 4, 2018 21 hours ago, Basil B said: The Great British launderette closing down... Where will those pesky Russians launder there dirty money now??? Thailand ? Link to comment Share on other sites More sharing options...
TallGuyJohninBKK Posted February 4, 2018 Share Posted February 4, 2018 6 hours ago, thaibeachlovers said: I'm sure some people will be targeted, so they can say "look what a great job we're doing", but the real crooks, I doubt it. You mean, like the foreign ones who paid to help get Trump elected in the U.S. and who knows who in the British government??? Link to comment Share on other sites More sharing options...
twix38 Posted February 4, 2018 Share Posted February 4, 2018 (edited) I agree with this action however, it leaves a sour taste. UK has been attracting in Russian money deliberately for years and the reason to now go after it all and investigate and sieze it is to get much needed money to help with the state of UK finances. Frankly banks and government actions make me sick. It's so obvious that first it was tacitly encouraged with a blind eye so later it could be investigated and taken by the state . I agree this should be done, but it was known as it poured in without a word . Edited February 4, 2018 by twix38 Link to comment Share on other sites More sharing options...
Spectator2020 Posted February 4, 2018 Share Posted February 4, 2018 4 hours ago, Baerboxer said: Let's see if they mean it. London always seem to have been seen as a safe, and fairly welcoming, haven for those oligarchs and corrupt deposed politicians in the past. Some of them might be sweating a bit at this announcement - best keep a close watch on your assets, wallet or handbags! Good post. Let’s see if they mean it. There is a lot to be gained by turning a blind eye. Link to comment Share on other sites More sharing options...
dunroaming Posted February 5, 2018 Share Posted February 5, 2018 FOR SALE: football club and ground in south west London. Offers in Rubles only. Just a storm in a Faberge egg cup. Todays news is tomorrows fish and chip paper Link to comment Share on other sites More sharing options...
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