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London: the money laundering capital of the world

It’s too easy to set up a company without revealing who benefits from it

By Avinash D Persaud  

The City of London ©Matt Crossick/Matt Crossick/Empics Entertainment

On 20th March, the Guardian revealed that it had received documents from a three-year investigation by the Latvian and Moldavian authorities into what has been dubbed the Global Laundromat. According to the newspaper, these documents show that between 2010 and 2014, British registered companies and British-based banks helped move out of Russia at least $20bn of the proceeds of criminal activities.

This should come as no surprise. In 2016, the Home Affairs Select Committee concluded that the London property market was…

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