UK to target assets of ‘corrupt oligarchs’
LONDON - Reuters
Investors from Russia, China and the Middle East have poured billions into London, buying everything from luxury properties to 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 on Feb. 3 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 behavior. “What we know from the Laundromat expos is that certainly there have been links to the state,” he was quoted as saying.