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How Britain Let Russia Hide Its Dirty Money
Article

How Britain Let Russia Hide Its Dirty Money

The Guardian, 2018

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Editorial Rating

8

Qualities

  • Controversial
  • Innovative

Recommendation

Financial journalist Oliver Bullough offers enticing details on how Russian oligarchs have shielded their cash in the United Kingdom with the enthusiastic help of its banks. By routing money from criminal and corrupt activities through tax havens, British banks have made it possible for these kleptocrats, many of them public officials with modest salaries, to live lavish lifestyles. But tracing such complex transactions is extraordinarily difficult, which makes prosecution a long and nearly impossible process. getAbstract recommends this intriguing article to financial professionals and anyone who wants to follow the money.

Take-Aways

  • For decades, Britain’s politicians and investors paid little heed to the potential pitfalls of money from Russian oligarchs flowing into the country. 
  • Official statistics put Russian investment in the United Kingdom at £25.5 billion ($33.6 billion) as of 2016. But with most Russian cash flowing in through tax havens, the actual stake is no doubt substantially higher.
  • Large institutions that help launder “dirty money” from criminal activities serve as willing allies in the scheme.

About the Author

Oliver Bullough is a journalist who has written extensively about corruption in Russia.


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