London is the World’s Biggest Hub for “Dirty Money” Laundering | Vantage with Palki Sharma
In a startling revelation, UK’s deputy foreign secretary Andrew Mitchell has claimed that nearly 40% of the world’s black money is being cleaned by London. The black money in question, according to deputy secretary Mitchell, is stolen from developing countries like Africa. This is often done by corrupt politicians, businessmen and warlords-who then use the stolen money to buy properties in some of London’s wealthiest districts. Russians are among the leading buyers of luxury property in London. Since 2017, Russians have bought properties worth $500 million in Westminster alone. While rich Russians have been investing their black money in London for decades, they are not the only ones to use the UK city as their safe haven for laundering. Palki Sharma brings you a detailed report on how black money is often converted into “clean” investments in London.
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Credit to : Firstpost