Summary of How Britain Let Russia Hide Its Dirty Money

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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.

In this summary, you will learn

  • How the decades-old relationships between Russian oligarchs and UK banks developed;
  • Why the ties between the two have become so firmly entrenched; and
  • What the consequences of Russian wealth in Britain have been, and what the future may hold. 
 

About the Author

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

 

Summary

For decades, Britain’s politicians and investors paid little heed to the potential pitfalls of money from Russian oligarchs flowing into the country. Many rejoiced when Russians bought UK football clubs or when their companies began listing on the London Stock Exchange. After the poisoning of retired Russian double agent Sergei Skripal and his daughter on British soil, however, second thoughts are emerging about Russia’s influence on the nation’s leaders and institutions. 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 into the United Kingdom through tax havens such as the Bahamas and Cyprus, the actual stake is difficult to peg and is no doubt substantially higher. Large institutions that help launder “dirty money” from criminal activities serve as willing allies in the scheme.


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