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How London became the dirty money capital of the world | FT Film

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  • Published on Apr 20, 2022
  • Russian oligarchs and companies have been investing in London for two decades, encouraged by British politicians of all stripes, but critics say the 'London laundromat' cleans dirty money from Russia and across the globe. The FT examines why it took Russia's invasion of Ukraine to put the issue in the spotlight and whether new sanctions and measures to tackle the problem go far enough. Read more at on.ft.com/3OtRKpp
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Comments • 3 499

  • Rose Mary
    Rose Mary 15 days ago +44

    If you wanna be successful, you most take responsibility for your emotions, not place the blame on others. In addition to make you feel more guilty about your faults, pointing the finger at others will only serve to increase your sense of personal accountability. There's always a risk in every investment, yet people still invest and succeed. You must look outward if you wanna be successful in life.

  • Filip Konopacki
    Filip Konopacki 7 months ago +1199

    Most people in the UK actually lost out. Russian money wasn’t pumped into the economy, only into property, most of it left unoccupied. The net result was a massive increase in UK property prices (both purchase and rent prices) without the corresponding increase in average wages.

    • Peter Stollery
      Peter Stollery 9 days ago

      Russian money is only a minority contributor to the problem, add Chinese, Middle Eastern and African.

    • heavenly777 protector
      heavenly777 protector 14 days ago

      @OHTHECHITCHAT no Ukraine got taken over by Bandarites AGAIN nothing new and they declared war in the Russian speaking 3rd of the country and started purging them in 2014. Just a normal NATO-backed regime change where everybody with a brain and knowledge of history knew full well who done it. US/UK/Poland

    • Discoboy
      Discoboy 18 days ago +1

      @kai ki I will tell you more, Zelensky and Poroschenko and many other Ukranian oligarchs also have invested money in British property and in USA as well. Yacenyk have bought 27 house in Miami for their band before war. Poroshenko kids are living in London the whole period, pretending their are patriots. Former major of Moscow who divorced with his wife, which has 27 bed house in Moorgate! Arabic sheihs driving ferraris around London, do you think they have not bought anything? Check the Land registry, how many properties belongs to some companies , etc.

    • Discoboy
      Discoboy 18 days ago

      @Big Moo The whole world is bying property in London! Local pensioners and even Brazilian chaps, why you can do about it?

    • Wolfe Flambe
      Wolfe Flambe 28 days ago

      @Big Moo any commuter town really up to the midlands. House prices in my town are way higher than they should be because of good rail links and easy access to 2 major motorways.

  • einsamaberfrei
    einsamaberfrei 7 months ago +1102

    Meanwhile, these banks imposed strict "know your customer" and "anti-money laundry" measures for the average customers who need mortgage to buy a humble flat. Even a small amount transferred from one bank account to another could raise an alarm bell and take lots of paper work to explain.
    So who imposed these rules? Why harass the middle and working class, but let the rich people slip through the net easily?

    • David Horn
      David Horn 15 days ago

      The UK Government. Financial institutions etc. will hound the likes of us in order to be seen applying the law. Then the real big criminal lucrative deals pass by and no-one sees. (You can't see if you don't look!).

    • Bahjat Tabbara
      Bahjat Tabbara 18 days ago

      Stop asking questions if they are rich.

    • Andreas Bucher
      Andreas Bucher 20 days ago

      Did you vote Tory in the last two decades? Then you know who sets and protects these laws. "Slim state" and similar ideas are still used to advertise for voters.

    • Ann Corr
      Ann Corr 24 days ago

      Because the elitist love greed over country

    • Tzep
      Tzep 25 days ago

      Because if you distract everyone with this kind of checks they won't have time to think about the rich ones.

  • Dwiss
    Dwiss 7 months ago +380

    As long as the City of London keeps its special legislative position nothing will seriously change at all. This is often omitted in explaining how and why things are as bad as described here. Many laws have been passed over the decades and they always left the City of London in the exact same position they have always been in - an island of different rules and laws in the middle of the capitol of the UK.

    • Smita Kakkad
      Smita Kakkad 6 months ago

      ru-clip.com/video/b9AfMkjbhQ8/video.html

    • Smita Kakkad
      Smita Kakkad 6 months ago

      ru-clip.com/video/2WD_v9L9ui8/video.html

    • Arrow
      Arrow 6 months ago

      @Prepperjon PNW If London does not do it , and does whatever these pretentious journalists want it to do , then that 'dirty' money will find other avenues like Cyprus, Macau , Dubai, Kuala Lumpur etc , which will eventually have an impact on the standard and quality of life these journalists enjoy within Britain .

    • Shashank K E
      Shashank K E 6 months ago

      @foppo
      City of London- where even Satan fears 😂

    • Shashank K E
      Shashank K E 6 months ago

      Exactly that special power exits from 1200s i guess or way before that, just keeps me wondering the Britan colonial officers as well laundered money 🤔
      Example Robert Clive, again have to do some research- but City of London ( the inner council) has always been a laundry machine of the world 🤔

  • kiril K
    kiril K 7 months ago +425

    One gets the impression from this movie that London and the offshore zones are a heaven predominantly for russian money. Hell no, it is a heaven for all dirty and undeclared money, from all over the world, including the West itself! This is just how it works!

    • Dagmar Van Doren
      Dagmar Van Doren 27 days ago

      Richtig.....with a king... but uk. Is a state of? USA! Trala.....so it is....

    • Mary Garrapa
      Mary Garrapa Month ago

      @Fred Atlas true, but one is legal, the other isn't.

    • Mary Garrapa
      Mary Garrapa Month ago

      @Tee-series 47M views 😔

    • THE GREAT PYRAMID BUILDERS
      THE GREAT PYRAMID BUILDERS Month ago

      @Jay I am so glad to read your comment it's at the root of what we see now between Mr Putin and another man who have interests of a similar nature. I can condemn nobody.

    • THE GREAT PYRAMID BUILDERS
      THE GREAT PYRAMID BUILDERS Month ago

      @Dutch Maestro that's legal though as my dad had money there for years.

  • Hennis Doffman
    Hennis Doffman 7 months ago +1029

    “The UK has lost its moral compass” - as if it’s ever had any.

    • Alexander Jagman
      Alexander Jagman 12 days ago

      Stealing everything from Holland in the 17th century

    • it'sMe TheHerpes
      it'sMe TheHerpes 13 days ago

      @heavenly777 protector you don't really know what you are talking about.

    • heavenly777 protector
      heavenly777 protector 14 days ago

      @Nat Yelverton people have a moral compass not countries those are just lines on a map.

    • heavenly777 protector
      heavenly777 protector 14 days ago

      @Ofentse Mabe literally made up countries drawn on a map by British map makers.

    • heavenly777 protector
      heavenly777 protector 14 days ago

      @MyScotty7 history says NONE byt some countries definetly have a lot more blood per capita then others. USA been at war literally non stop for 200 years. British Empire before that. all the OTHER countles empires.

  • guydreamr
    guydreamr 7 months ago +204

    A great follow-up video would be to put the spotlight on the enablers themselves - the real estate and law firms, bankers, and other business professionals who benefit from all the ill-gotten largesse.

    • Jerry Taylor
      Jerry Taylor 6 months ago +2

      Not forgetting our respected educational institutions

    • Naeem Khan
      Naeem Khan 7 months ago +3

      The follow up should start from royalty such as THE BANDIT QUEEN of england .

    • Fitgirl Legbusta
      Fitgirl Legbusta 7 months ago +7

      @Fred Atlas Not if it's an offshore subsidiary in a territory, instead of native soil. You weren't listening to the video where the real estate people were talking.

    • Fred Atlas
      Fred Atlas 7 months ago +1

      If you buy property thru an estate agent I think there are rules in place to try and prevent money laundering you have to declare where the money has come from

    • Adrian Boulter
      Adrian Boulter 7 months ago +18

      that video would be about 3 months long. lol

  • Richard Burdett
    Richard Burdett 7 months ago +56

    The economy stopped relying on manufacturing and started relying on dirty money

    • Discoboy
      Discoboy 18 days ago

      that's was the scheme, Thatcher decided to creat uncorrupted place which is save for foreign investments and it was good tactic.

  • Ct Gs
    Ct Gs 7 months ago +162

    It's not just Russian oligarchs who bring dirty money into London, even corrupt Sri Lankan politicians, especially the Rajapaksha family have invested millions of pounds (stolen monies which belong to the poor taxpayers) in various enterprises here. I hope, soon there will be new legislation imposed to arrest them and prosecuted... Fingers crossed!

    • heavenly777 protector
      heavenly777 protector 14 days ago

      first royal family, then all their friends then the government and all their freinds then the banks and all their freinds.

    • Bart Smart
      Bart Smart 5 months ago

      @Thomas Smart or politics...

    • 김득현
      김득현 5 months ago

      @Thomas Smart euphemism

    • Sayooj
      Sayooj 6 months ago

      One airport which no one uses is there in sri lanka mafe from chinese money

    • gordonski
      gordonski 7 months ago

      When the world depression arrives soon countries like Sri Lanka will revolt and for good reason.

  • B.L Ward
    B.L Ward 7 months ago +39

    As I'm a fan of the B1M channel on YT and generally wonder about the occupancy of new construction, I gotta say the empty property aspect in London has been a thing of curiosity to me for sometime and that money is probably funding a lot of projects, but I'd imagine if they start to look deep, they're going to find a lot of personnel and/or agencies benefitting from all that dirty money is far more widespread than initially suspected.

    • Zeitgeist X
      Zeitgeist X 6 months ago +2

      You shouldn't be a fan of B1M, it's an advertising channel for projects and often shilling for various advertisers.

    • Richard Chadwick
      Richard Chadwick 6 months ago +1

      Oh yes..

    • Sir Rather Splendid
      Sir Rather Splendid 7 months ago +1

      I’d love to know what actual occupancy rates are in, say, Kensington and Chelsea. Having once rented a tiny granny flat as a student in one of the wealthiest parts of Westminster, I suspect it’s less than 20%.

  • Javier Gago
    Javier Gago 6 months ago +22

    Well done, FT, for speaking up on this important topic. The UK merits a much sounder real-value-creating financial system.

  • BigHenFor
    BigHenFor 7 months ago +138

    The FT needs to take it's RU-clip channel more seriously, but and start putting out more content like this.

    • 김득현
      김득현 5 months ago

      @LeadHammer the last bastion of grammar here. Keep illuminating.

    • LeadHammer
      LeadHammer 6 months ago +2

      its

    • Wesley Sanders
      Wesley Sanders 7 months ago

      exactly- its so very good.

    • S. Tannon
      S. Tannon 7 months ago

      They got the go ahead from the those in control to do it now

    • Marscars
      Marscars 7 months ago +12

      these kind of productions take months of prep time, think about all the people interviewed it took at least one full 8hr day for each. ontop of keeping them all on subject.

  • Zeerak Khan
    Zeerak Khan 7 months ago +761

    The same is very true for most of Pakistani ruling families. They first enrich themselves at the expense of the population and then most of the money is extracted out of Pakistan to the UK. Pakistani politician's and their children own properties, offshore companies worth millions or even billions of pounds in the UK alone.

    • heavenly777 protector
      heavenly777 protector 14 days ago

      oh thats why they tried to Murder Imer Khan when he refused NATO threats over buying Russian Gas?

    • Mary Garrapa
      Mary Garrapa 27 days ago

      Let's not kid ourselves they're the only ones. This is blatant islamophobia, as though all others (including people over the border) were angels!!

    • Old School Rave Sounds
      Old School Rave Sounds Month ago

      @Zeerak Khan Bit like UK then , THE RULING ELITthe ruling elite get all the spoils .

    • shadowpawn
      shadowpawn 2 months ago +1

      My Friend rented a nice place in London neighbour was one of the Zardari family. Very friendly and openly joked to him to call the father "Mr Ten Percent" which a joke my friend didnt get until I told him of the money scams they were doing in Pakistan.

    • Sim Singh
      Sim Singh 2 months ago

      No wonder they run to london..or Dubai at the drop of a hat !!

  • Diablofeb4
    Diablofeb4 7 months ago +29

    You should absolutely do a special on Canada. As other comments name Vancouver and Toronto, it is country wide. The real estate and legal weed industry now the biggest siphon of illegal money in Canada as well as lack of investment rules, it's been a criminal tax haven and money laundering country for decades.
    The organized Chinese crime family's have massive control of Canada (easy to suspect the people's party of China definitely helps support these crime families or are part of it. All government connected.) after the topple of the Montreal construction industry (Italian mafia had 100% control in the city before raids).

  • danemlive
    danemlive 7 months ago +56

    This kind of investigation brings home the fact that sanctions and grey lists used to punish small developing economies acting as "tax havens" isn't so much about moral superiority and stamping out corruption, but crushing the competition.

    • Patrick Oh! PhD
      Patrick Oh! PhD 7 months ago +1

      Just as was the case with the economic institution of slavery. Mafia don’t like it when you encroach on their trade.

    • Miss Ondo
      Miss Ondo 7 months ago +5

      100%

    • Frederic Perrin
      Frederic Perrin 7 months ago +8

      Very well said. You are absolutely spot on. The UK's hypocrisy is staggering.

  • River Mac
    River Mac 7 months ago +82

    The system in Britain has been the intentional destruction of any competitive British business on the world-stage; small, medium-sized, large businesses, through selling them off, underfunding them, over-regulating/taxing them or simply allowing their intellectual property to be sold-off to favoured-foreign-country companies. This is the reason for the low-growth and GDP in the UK since at least the 60's. The balance of payments that sustains Britain's GDP and currency then requires billions of pounds of investment per year from abroad. This is why so many universities are implicated, the banking system and key real estate locations among others, to allow the facilitation of money to enter the system. Cracking down on corruption would require the wholsale dismantling of the entire British economic system and its corresponding institutions. Such an outcome is unlikely unless there was some sort of large economic shock. Is the Ukraine crisis such a shock? No. It will require a bigger one.

    • Fred Astaire: The Sultan of Savoir-flaire
    • Ya El Z
      Ya El Z 7 months ago

      There can be no such shock. Not when even people who know what's going on still blame the races being robbed. You know that these thieves are fighting for Britain against their countries but you choose to repeat the lie that they are the ones pushing their countries' agendas in Britain.

    • Kwasi
      Kwasi 7 months ago

      Brilliant comment

    • Fred Atlas
      Fred Atlas 7 months ago +5

      Our government isn't supposed to be funding private businesses, it's supposed to be funding public services. And it has been very busy since 2010, cutting funding for all public services including the NHS. The reason our gdp has been so low since 2010 is down to our tory government and their tory ideology and policies. They have been taking our rights away and suppressing wage growth, that's part of the reason our economy hasn't grown since 2010. Also they've been giving big tax cuts for big corporate businesses and the wealthy. And it's very clear to see this doesn't benefit the majority of us or drive the economy

    • Ysoserious ?
      Ysoserious ? 7 months ago +5

      Enter: global financial crisis

  • Minnie Venkat
    Minnie Venkat 7 months ago +20

    Well, one could say the UK had a moral compass for a split second there. You went from dark ages, to brutal colonialism, to pretentious and pretend moral compass, to whatever this is. The British have always just looked away when there was money to be made.

    • Discoboy
      Discoboy 18 days ago

      @XXXTENTAClON I always say same to people who saing that Russia always was bad, pretending all other countries, especially Western ones are just angels )) I just recently found that black slaves were sold in Africa by African countries, so they usually were enslaved their own local people and then sold. Vikings also were selling slaves. So many countries did that.

    • XXXTENTAClON
      XXXTENTAClON 7 months ago +1

      The UK is the home of liberalism, they took religion really seriously prior to this. Interesting how you started with the dark ages rather than the brutal Roman Empire, or the brutal Scandinavian invasions, or the brutal Norman invasions.
      Honestly, can you name me a single global power that has a consistent moral compass? Literally just one. I can portray any country as bad if I want to. Besides San Marino. They are literally just a little church.

  • Morgan Thompson
    Morgan Thompson 3 months ago +213

    Building wealth involves developing good habits like regularly putting money away in intervals for solid investments.
    Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.
    Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it.

    • heavenly777 protector
      heavenly777 protector 14 days ago

      why you thinl the world is dumping the US dollar?

    • George Florea
      George Florea 2 months ago

      Relevance to this video?

    • Aditi Vihaan
      Aditi Vihaan 3 months ago

      When I saw testimonies all over the place I thought it was all made up stories till I saw my next door neighbor sharing her testimony I was convinced and said let me try her out. I don't regret the move I made because I invested my money with the right person.

    • Mary James
      Mary James 3 months ago

      My first investment in my portfolio was in the forex market with $1870. With Stephanie operating on my behalf, the portfolio balance is currently $17017.

    • Emily Welsey
      Emily Welsey 3 months ago

      @Stephanie
      _Renee
      _Anderson

  • Robert Skolimowski
    Robert Skolimowski 7 months ago +20

    Absolutely stunning material👏 I mean, I knew a lot of that already as I've been following this topic for quite a while, but this is the first video that portrays this disastrous outrageous issue in such a comprehensive insightful manner, keep up the great work FT🤞🏻✌

    • heavenly777 protector
      heavenly777 protector 14 days ago

      and entirely blames Russia so yall get of guilt free LOL.

    • Robert Skolimowski
      Robert Skolimowski 7 months ago

      @Jerzy Feliks No, I haven't, thank you🤝

    • Jerzy Feliks
      Jerzy Feliks 7 months ago +2

      If you haven't seen it already watch a documentary "The Spider's Web: Britain's Second Empire". This clip is just sliding on the surface, the documentary is a real eye opener.

  • Iscariot
    Iscariot 7 months ago +13

    If you want to learn more (including how we got here and how much worse it is than this piece shows), there is an excellent 2011 book by Nicholas Shaxson "Treasure Islands: Tax Havens and the Men who Stole the World". This is a feature of the CIty, not a bug. It was intended to be this way.

    • I’ve commented on YouTube
      I’ve commented on YouTube 7 months ago +2

      Thanks for your recommendation.. also 'How Europe underdeveloped Africa' gives a great insight.

  • Connor Bryant
    Connor Bryant 7 months ago +72

    Really glad FT is now covering this issue! There is a great documentary on the topic from a few years ago: The Spidersweb - Britain’s Second Empire

  • One Eleven
    One Eleven 7 months ago +75

    But if a regular citizen in the uk wants £5k out of there bank account they are looked at like a criminal & questioned in the bank…it’s bollocks !!

    • Discoboy
      Discoboy 18 days ago

      A dank can freeze your account without explanations for months - welcome to Britain and FCA regulatory. If someone transfer to you good sums of money on personal account, they could be suspicious.

    • LeadHammer
      LeadHammer 6 months ago +1

      their

  • Daha Solomon
    Daha Solomon 7 months ago +208

    Wait the UK at one point in history had a moral compass? Mind blowing allegations there.

    • it'sMe TheHerpes
      it'sMe TheHerpes Month ago

      @Anna G lol, good one😂 oooh boy if i start to run my mouth about the french again i will get censored, lol

    • it'sMe TheHerpes
      it'sMe TheHerpes Month ago

      @Sir Rather Splendid yes, let's reduce our communication ability

    • Sir Rather Splendid
      Sir Rather Splendid Month ago

      @it'sMe TheHerpes - Keep comments short. Less likely to trigger algorithms.

    • it'sMe TheHerpes
      it'sMe TheHerpes Month ago

      i just made a 20 line comment, and it does not show on the comment section.

    • Anna G
      Anna G Month ago +2

      What do they teach French soldiers in their first training?
      - How to give up, in ten languages

  • S 123
    S 123 7 months ago +104

    The same thing is happening in Vancouver, Canada. Vancouver, like London, has become a money laundering capital, but the dirty money here comes from China, not Russia. In some sense, it is more insidious here because much of the money comes from fentanyl which is brought in from Mainland China, sold to young people and then this drug money is laundered through government run casinos. The drug money is then legitimized through real estate purchases. Everything you described in this video is happening in Vancouver, but with kleptocratic Chinese. Lawyers, accountants, and real estate agents are profiting.

    • heavenly777 protector
      heavenly777 protector 14 days ago

      All of it? seriously? Did Trudeau tell you that LOL.

    • Dagmar Van Doren
      Dagmar Van Doren 27 days ago

      Iiiiiii

    • James Brown
      James Brown 2 months ago

      @LL Cool J hmm China sells them what's needed my friend.

    • S 123
      S 123 6 months ago +1

      @CelticACAB98 because the Mainland Chinese are not interested in Edmonton--not posh enough for them and it doesn't have UBC.

    • John Park
      John Park 6 months ago

      Jake Tran covered this in one of his videos about the triads

  • Ben
    Ben 7 months ago +7

    Excellent video. It's clear that the globalisation of the economy has allowed dirty money to flow right across the world. Not just London, but across the world.

  • Paul Graham
    Paul Graham 7 months ago +41

    Same thing is happening in Australia. It is out of control.
    Australian Citizens are suffering because of it and the government aren't interested in doing anything because they receive piles of stamp duty.

    • Thatsthejobbb
      Thatsthejobbb 7 months ago

      It's the buying up of farmland, water sources and critical infrastructure by international corporations that should have had bells ringing in Australia... It didn't though....

    • Watermelon S
      Watermelon S 7 months ago +3

      Would say it might be happening across a lot of the "stable developed economies", Australia, UK, Canada, New Zealand. Corrupt money will always attempt to seek out places to re-establish their legitimacy.

    • Paul Graham
      Paul Graham 7 months ago +5

      @johnny bravo Chinese

    • bradc32
      bradc32 7 months ago +3

      Canada too time to kick the establishment to the curb

    • johnny bravo
      johnny bravo 7 months ago

      By the Russians as well or other parties?

  • Richard Fellows
    Richard Fellows 7 months ago +143

    Children, grandchildren, and wives are critical in the laundering process for investor visas, which is why public schools have been at the core of sheltering in property.

    • marg H
      marg H 6 months ago

      China has a huge part in this! Check Private school ownership in the UK. Its not just Russia. China also has huge investments in the UK!

    • Doctor Detroit
      Doctor Detroit 7 months ago

      So why pick one set of thieves over another?

    • Sir Rather Splendid
      Sir Rather Splendid 7 months ago

      @Phil - They’ve all known about it for decades. But the money was too good to start rocking the boat. It’s only the Ukrainian War that’s prompted action.

    • Patrick Oh! PhD
      Patrick Oh! PhD 7 months ago +2

      @David Sullivan $£€ is The Holy Trinity. We Worship It.

    • David Sullivan
      David Sullivan 7 months ago +1

      WE LOVE MONEY

  • Adam Waterhouse
    Adam Waterhouse 7 months ago +33

    It's good that steps are being taken to crack down on this corrupt money laundering, but the idea that this has anything whatsoever to do with the conflict in Ukraine is completely ridiculous. The two things are completely unrelated. The only relationship between them is that this conflict has prompted the UK government to start taking steps that it should have been taking many years ago for countless other reasons.

    • heavenly777 protector
      heavenly777 protector 14 days ago

      Yes so keep training Ukrainian troops and sending aid to Bandarites LOL. its worked GREAT so far.

    • James Burton
      James Burton 6 months ago +1

      to me it seemed like the video was also trying to make this point.

    • alexander svirski
      alexander svirski 7 months ago +1

      Yes, you absolutely right. This has nothing to do with the war in Ukraine, in fact, this material has only appeared on air to further discredit Russia. At the beginning of the program they talk about Soviet Union corruption, but then the focus is only on Russia? Really? What happened to the rest 15 republics? Including Ukraine! Which is one of the most corrupt countries in the world. Somehow they forgot to mention Zelensky’s property portfolio in London, not to mention all the Ukrainian oligarchs with the same volume of assets. And they are talking about fighting for democracy? What a load of one sided rubbish.

    • Arrow
      Arrow 7 months ago +1

      The original calculation was having these oligarchs vested in the custodian of their wealth would prevent them from taking risky ventures like engaging in unprovoked war . But that assessment did not go down well. But then these assets can be frozen and auctioned off if they can stand legally , and the money so obtained can be used to finance a loan for Ukraine to purchase arms. So not all is lost

    • Pieter V.
      Pieter V. 7 months ago +6

      This is the most sane answer here. You're absolutely right.

  • Matthew Prior
    Matthew Prior 7 months ago +5

    All of these issues have been called out by Private Eye for many years. Whilst the FT taking up the cudgels is to be applauded, any claim to leading or pioneering the cause would be disingenuous. It remains to be seen how the political and commercial chains will be loosened and if the parasitic services provided by professional and financial providers in London and other UK territories will ever be subjected to the criminal inspection and processes of law they so patently should be.

  • Jay
    Jay 7 months ago +27

    The main reason for Brexit was to protect the London Laundromat & the City.
    Regarding reform - I'm with the woman who said; "I will believe it when I see it".

    • bla blup
      bla blup 15 days ago

      @Sir Rather Splendid Vindictive ? Why do you think so ? The EU has clear state rules. It was clear and easy to understand since the beginning. Everyone said this again and again. The UK can stay in the single market BUTth UK has to follow the rules.
      The EEA countries ALSO have to follow a the EU regulations....
      Britain said, we don't want to Follow EU rules anymore. So the only solution was that the UK leaves the single market....

    • Sir Rather Splendid
      Sir Rather Splendid 16 days ago

      @Discoboy - Most people didn’t imagine the EU would be quite so vindictive towards the UK.

    • Discoboy
      Discoboy 18 days ago

      @Sir Rather Splendid I bet that people mostly who voted for Brexit had all other reasons, they believed the EU should be in charge of Britain, they believed that would be less of imigrants who are rivals and they trully believed that the UK economy would do better. What they were not told is that the UK would not be able to stay in EEA as Norway or Swiss. The were not told that more imigrants from Non-EU countries would come instead of Europeans. So technically a lot of losses, but the UK is not under EU law now.

    • Jay
      Jay 7 months ago

      @Sir Rather Splendid Most Tory MP's have offshore a/c & certaily most busnesses. All the rich make use of Trust Funds.
      They conned the public - manufactuing consent - into voting against there own self interest..... again.

    • Sir Rather Splendid
      Sir Rather Splendid 7 months ago +1

      Preservation of the laundromat has been a ‘side benefit’ of Brexit, sure, but it wasn’t mentioned in the prospectus. Nearly all big business in Britain was anti-Brexit. And nearly all the people who voted for it don’t have offshore bank accounts.
      Rather it was a reaction to big business taking Britain down a path that didn’t chime with the interests of the people themselves.

  • Patricia Robert
    Patricia Robert 3 months ago +56

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    • Yashasvi Khehra
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      Oliver Jackson 3 months ago

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      Oliver Jackson 3 months ago

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      Gypsy Hendrix 3 months ago

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  • Jonathan Smith
    Jonathan Smith 7 months ago +34

    A rather predictable focus on Russian 'oligarchs' but we have dirty money from all over the world and the UK itself.

    • JekaZMD
      JekaZMD 5 months ago +1

      But those are 'good' dirty money, while russian are 'bad' dirty money.

    • Swede McGuire
      Swede McGuire 7 months ago +1

      Spot on .

  • Spartacus Forlife
    Spartacus Forlife 7 months ago +38

    If you watch the documentary " the spiders web " you'll soon realise how the city of London, since the end of ww2, has been doing this with the knowledge of the British government of whatever hue

    • sidesauce
      sidesauce 7 months ago +1

      @Jerzy Feliks And they should still support it as far as I'm concerned. Not interested in the partisanship side of things, if people have the means to move money to places where it benefits them and isn't squandered by whichever government is ruling at the time, more power to them.

    • Jerzy Feliks
      Jerzy Feliks 7 months ago +7

      Great documentary, I've watched it twice already. As long as Britain supports "offshore" banking nothing will change.

  • Furry Flowers Rescue
    Furry Flowers Rescue 7 months ago +21

    Lost it's moral compass?! When did Britain/financial institutes have one?

    • Dave
      Dave 7 months ago

      Please enlighten us to the perfect country you come from and when you bother to type it, lets do a deep delve into the atrocitys that happened there.

  • ⃢      ✅
    ⃢ ✅ 7 months ago +6

    In my native country which is a former British colony, the politicians and leaders of opposing parties spend 3-4 years in government planning on how to defeat the opposition and get into power again, often resorting to corrupt practices, all the while ignoring the development of the country itself. If they get in trouble, all of them, even those who are sworn enemies who'd kill each other, they go to London, UK for a few years and return again. I've even heard that sworn enemies would live on the same street in London or a flat in the same building.

    • Discoboy
      Discoboy 18 days ago +1

      Interesting. We have other thoughts, that on tellie to politicians are fighting with hatred, but later they are friends and having dinner togther as usual.)

  • Mick
    Mick 7 months ago +24

    London has never had a moral compass to lose - this is centuries in the making not new.

  • Weeping Angel
    Weeping Angel 7 months ago +51

    Man really just said "£50million a year....any self-respecting oligarch makes that in a week". Jesus Christ.

    • Seán O'Nilbud
      Seán O'Nilbud 7 months ago

      @PGH Engineer Nonsense.

    • Em Hu
      Em Hu 7 months ago +17

      Correction..."Any self respecting oligarch steals that in a week."

    • Herra Tossavainen
      Herra Tossavainen 7 months ago

      Did you know that Ukrainian oligarch Igor Kolomoisky finances Zelesny, Hunter Biden (Burisma), and the Azov Nazi-batallion? And, don't you think that it's bit rich to call a Nazi-dominated kleptocracy like Ukraine a "democracy"?

  • bobby gunz
    bobby gunz 7 months ago +73

    Great Content! With the high rate of inflation, the economy is heading towards a severe recession. I overheard someone talking about how he grew his reserve from $120k to almost $460k during this Red season, can you share tips on how to make such aggressive proceeds in short periods?

    • John Early
      John Early 7 months ago

      @Robert Martin I don’t know how effective it is to report such comments as “unwanted commercial content or spam” but nonetheless I do report it, hopefully if enough people do so the algorithms will notice and delete it.

    • Kareen C
      Kareen C 7 months ago

      how is you stay in Bahamas. your grandmother looked so white in the picture. i thought you are Nigerian. lol

    • Fred Atlas
      Fred Atlas 7 months ago +1

      Yes, get a crystal ball, and save some money and invest it in the the right shares, and then cash them in and take the huge profits. If you had a crystal ball you could have brought Argo Blockchain shares in early 2020 and then took the huge profit in Jan 2021

    • 林庚達
      林庚達 7 months ago +9

      @Robert Martin ye. It's ironic this comment is under a video about dirty money. 😂

    • Robert Martin
      Robert Martin 7 months ago +10

      @林庚達 not just those channels it’s all over RU-clip most of the time focusing on crypto. Such a scam. If you look at the people speaking they are almost always brand new channels to RU-clip.

  • JK
    JK 7 months ago +7

    "The Russians have accounted for about a billion pounds worth of real estate in London", that's hardly anything.

  • Richard Lumley Smith
    Richard Lumley Smith 7 months ago +27

    One US Ambassador on leaving his position in UK summed it up in one quote "If you have the money then whatever you want you can buy in London and become the insiders insider. UK Offshore Tax Havens offer the biggest" laundry to for money for the World!"!

    • Engineer Ara
      Engineer Ara 6 months ago

      whats the name of the ambassador?

  • Debby Gerrard
    Debby Gerrard 7 months ago +18

    Every financial goal requires patience, dedication and consistent spirit knowing that investment is currently the most lucrative business in the world, both NFT, real estate and Crypto shares are really positively changing people's lives.

    • ChangesOneTim
      ChangesOneTim 5 months ago

      At this rate, 'cryptocrats' will soon replace kleptocrats as the biggest threat to financial propriety.

    • Marco Centola
      Marco Centola 7 months ago

      @Veronica Jones I'm a newbie in the world of crypto. Sincerely l've lost so much trying to trade on my own, but with the testimonies about broker Rebecca. I will trade with her thanks for sharing her info.

    • Simone Lodini
      Simone Lodini 7 months ago

      I met Expert Rebecca Kay Bown last year for the first time at a conference in SWITZERLAND🇨🇭. I invested €25,000 and traded in one month making close to €90,000.

    • Priscilla Vanden
      Priscilla Vanden 7 months ago

      I have been seeing so many recommendations about Rebecca overall social network trending. Her strategy must be good for people to talk about her.

    • Authority Paul
      Authority Paul 7 months ago

      Being professional has earned her a good name, she's obviously the best broker have seen when it comes to trading Bitcoin.
      Made over 1.2BTC with her signal

  • Mike Archibald
    Mike Archibald 7 months ago +3

    This actually happened after the financial collapse, the same thing is happening in the US and in Canada. They looked at the countries known as 'tax havens' and badmouthed them one day, then copied many of their policies.

  • Gary Stinten
    Gary Stinten 7 months ago +2

    I loved this.. more stories like this please..
    Also, I hate to think what's going to happen to the market when they all "mysteriously pull out of the UK"

  • raoul1234567
    raoul1234567 7 months ago +14

    Wow, real journalism by real journalists. Haven’t seen you for a long time. Thank you so much.

  • Johann BBravo
    Johann BBravo 7 months ago +3

    about 10 years ago i met a politology student of britain on my travels. i ranted on about how we have to fight against corruption because in my country we had a scandal at the time.
    he was like: "but is corruption really always bad" obviously parroting something he heard in his lectures... i was kind of stunned and did not know what to say.. but it makes sense. gdp goes up, everything is good. till the russians come home to roost ... you!

    • Patrick Oh! PhD
      Patrick Oh! PhD 7 months ago

      You always reap what you sew. The empire collapsed. Too much to handle, corruption and hubris weakened its internal strength. Just like Rome. Too big to fail? Too big to succeed more likely. Greed and Growth isn’t always good. Too many mouths to feed and minds to meld, even if they are just slaves. The Lady Overstepped and walked into some dirty traps. Took too long for Her central neural circuits to travel its length, as tentacles had reached too far, they got tangled and lost feeling, wires got crossed, and She got a bit dull in her old ways of doing things. .The bloated octopussy necessarily shrunk, withdrew into herself, and positioned herself as the bff of the new Boss, a most “special relationship” a term coined to make the simpletons still feel warm, fuzzy and secure (until the Boss put the Screws on, called in a few favors, and led you around from a piercing on that piggy nose of yours. Still lipstick on that pig face, but damn you’re looking entirely puffy of late. Ease up on the vodka, ol bird!
      Lady Gahahaha

  • Jeff Andre
    Jeff Andre 13 days ago +158

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    • Neil Thompson
      Neil Thompson 13 days ago

      Kathryn Jo Garvin financials has really made a name for herself

    • Ashley Marsai
      Ashley Marsai 13 days ago

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    • Kingston
      Kingston 13 days ago

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    • Alex Arnold
      Alex Arnold 13 days ago

      There have never been a better time to invest in Crypt0currency than now

    • Lawvleens world
      Lawvleens world 13 days ago

      I've come across reference to Kathryn Jo Garvin financials a couple times here I've comeon RU-clip , I'm reaching her this time.

  • Subhash
    Subhash Month ago +1

    Great! Now that you have realised the extent of money laundering and its repercussions on economies around the world, I would urge the UK govt to extradite fugitives like Vijay mallya and Nirav modi to India, where they owe billions of dollars to the banks. The money they stole is sitting in the UK banks. If you're serious about what has been said in the video, you should do it. Your courts are still not clearing the extradition process.

  • The Waldfe
    The Waldfe 7 months ago +6

    Even with implementung laws against all that, they still manage to announce coming laws in advance and implement them slowly, step by step, so that most of the wealth can be saved by the criminals' lawyers by finding loopholes or bringing it somewhere else.
    Same in Switzerland...

  • TheMrFishnDucks
    TheMrFishnDucks 4 months ago +2

    Fantastic documentary. Very eye opening and informative. Keep up the good work.

  • Panji Wicaksono
    Panji Wicaksono 7 months ago +8

    Just shows how the legal system is sharp downwards towards the middle class and poor while it is blunt at the top.

  • Charley Luckey
    Charley Luckey 2 months ago +96

    Investment is the upper hemisphere of wealth. This is one more reason why you must save and invest to ensure profit and ensure success.

    • Edoardo Verri
      Edoardo Verri 2 months ago

      Omg what happens if Larry runs away with all of our money? 😟😟😟

    • Robin Fred
      Robin Fred 2 months ago

      I saw his guide in Bristol the last few months, he was great. His experience over the years gives him an edge over other traders.

    • Charley Luckey
      Charley Luckey 2 months ago

      Instagram

    • Charley Luckey
      Charley Luckey 2 months ago

      @Beatrice R. Damiano Larry Kent Nick Trading

    • Beatrice R. Damiano
      Beatrice R. Damiano 2 months ago

      I did some research. Cryptocurrency is one of the best and fastest growing investments right now, is he accepting new students? I am interested, how can I contact him please?

  • navdas one
    navdas one 7 months ago +22

    Margaret Hodge could have denounced these financial crimes 24/7 for the last few decades plus! People in other countries do suffer because of these despots,dictators who are supported by Britain,France and the US!!!

    • ChangesOneTim
      ChangesOneTim 5 months ago

      @BigHenFor
      Yep, including 'cash for peerage' offers too.

    • BigHenFor
      BigHenFor 7 months ago

      If you look on RU-clip, you will see that she has been doing so in her job an MP, for years. But she's only 1 voice, and the Conservatives major donors come from the City of London. Realpolitik.

  • Milksplooge
    Milksplooge 7 months ago +16

    Wouldn't this give the UK more leverage when it comes to sanctions and asset seizure? Since the properties and bank accounts are in the UK, seizing these would be much easier.

    • Ya El Z
      Ya El Z 7 months ago

      That's exactly what happens. If the British establishment doesn't like the actions of a government they just rob anyone of the same race as that government. Including those oligarchs that actually love Britain and hate their own nations.
      For instance all Russian oligarchs are anti-Russia but they all had the money they stole from the Russian people stolen in turn by the British establishment. But since the British public see things only in terms of race they approve the move.

    • kai ki
      kai ki 7 months ago

      @Vyl Bird
      Very good observation
      The catholic church and disney also use a similiar measures to own films studios that only make porn.
      This was before proonhub

    • Vyl Bird
      Vyl Bird 7 months ago +3

      Not really. For one, seizure is legally near-impossible. Freezing can be done. But more troublesome, it's often not clear who actually owns something - the ultra-wealthy like their privacy. Ivan Corruptavich doesn't own a house in London: He owns a company in the Bahamas which is the beneficiary of a trust in Switzerland which owns a company in Luxembourg which owns the house. All of the intermediates run on a strict basis of secrecy in which they are not obliged to make any of their dealings public, and will only cooperate with legal investigation to the minimum extent required by law within their own country. These complicated arrangements not only protect the real owners from asset freezes: They also make it very difficult to seize those assets as part of a civil action (ie, a messy divorce), and can be used to legally avoid tax liabilities (You can't get taxed on something you don't technically own!)

    • kai ki
      kai ki 7 months ago

      Babies stuck in bomb shelter
      ru-clip.com/video/dnBlk8Zbqng/video.html

    • kai ki
      kai ki 7 months ago

      Canadian diplomats and military met with azov
      ru-clip.com/video/iDG_hWlVda4/video.html

  • Jasmine Adams
    Jasmine Adams 24 days ago +98

    Despite the economic Recession, There are many sectors that will make good returns off your capital, I'm financially in the best shape of my life. In the past three months of investing, I've been able to generate my yearly income. Even in a bear market, profits can be achieved. Maximize your use of it.

    • Pautov Mihail
      Pautov Mihail 24 days ago

      There have never been a better time to invest in Crypt0currency than now

    • Rob Bennett
      Rob Bennett 24 days ago

      I'm from Canada and I am currently on a weekly profit of $21,000 . I bless the day I invested with Kathryn Jo Garvin Financials

    • William Isabella
      William Isabella 24 days ago

      I've come across reference to Kathryn Jo Garvin financials a couple times here I've comeon RU-clip , I'm reaching her this time.

    • Jones Frederick
      Jones Frederick 24 days ago

      The importance of trading with a professional who understands the market cannot be over emphasized, if you want to make the most of the market, I'll suggest you trade with a professional broker

    • Randy Roy
      Randy Roy 24 days ago

      trading is much different from just saving your coins in your wallet. It involves trading and knowing when to buy and sell. Most people just invest because they hear about people investing.

  • carapo66
    carapo66 7 months ago +22

    Commentator: The UK seems to have lost its moral compass.
    Royal West Africa Company: Am I a joke to you?

    • danemlive
      danemlive 6 months ago +1

      @sidesauce Bravo for ending the transatlantic trafficking of human beings they pioneered I guess? That morality kept shining through when they compensated slave owners for their loss of property, a debt which was only settled this century (and in part by descendants of these same slaves).

    • sidesauce
      sidesauce 7 months ago

      @carapo66 As did all other European countries at the time. The French, Dutch, Portuguese, Italians all were deeply involved in slavery too. And what about the slavery that preceded European practises? People like you make me laugh, you think the British invented slavery??? Where do you think the word 'slave' comes from?? From the Slavic people who were enslaved by the Goths - you know, those white people you can't stand??? They were slaves too. But that inconvenient truth doesn't fit your narrative, does it? Let me not start on the Ottomans, the Mongols or the Umayyad Caliphate - not one of these Empires, who ALL had slaves, were white people.
      You speak as if what Britain did to abolish slavery means nothing, times were different then and the world didn't have the luxuries of technology and industry it has now so quit with the belly-aching.
      You'd be better off directing your energy at the open slavery, happening TODAY, in places like Libya but of course, that inconvenient truth doesn't fit with your 'white man bad' narrative either. Just as the fact that Africans also were involved in the slave trade; you think the White Man knew where to find people in a land that he was unfamiliar with? No, the White Man had lots of help - from the Black Man. But are you going to direct your ignorant hatred at the Ashanti for example? I didn't think so.
      Furthermore I can assure you, as a direct descendant of some of those slaves that were freed by the British, it really does matter to me and many more like me.

    • carapo66
      carapo66 7 months ago

      @sidesauce yup, while locking little children inside workhouses, coal mines and factories

    • sidesauce
      sidesauce 7 months ago

      @danemlive When they not only ended slavery but enforced their will on other countries in Europe to do so. Starting with William Wilberforce.

    • danemlive
      danemlive 7 months ago +10

      I'm trying to figure out between slavery, work houses and colonialism when the UK ever had a moral compass?

  • Mary Clynch
    Mary Clynch 6 months ago +1

    Thank you for this programme. Very informative and truthful.

  • Albert John
    Albert John 3 months ago +217

    The rich stay by spending like the poor and investing without stopping while the poor stay poor by spending like the yet not investing like the rich. INVEST NOW!

    • rikket
      rikket 2 months ago

      lol bot thread

    • Daniel Ingaglio
      Daniel Ingaglio 3 months ago

      Technically crypto has already taken a high rate in the financial markets,

    • Steuern MitKopf
      Steuern MitKopf 3 months ago

      @James Marcus wow, that's cool.

    • James Marcus
      James Marcus 3 months ago

      My account keeps running with huge profit of less than $137,000 now.

    • James Marcus
      James Marcus 3 months ago

      I thought she was a scammer but believe me after meeting her up for up for the first time at UCL A financial conference held in UK changed my ideology

  • Jack Saad
    Jack Saad 7 months ago +385

    It was always meant to be why do you think Britain holds on to all these islands in the middle of nowhere that serve exclusively as tax havens? Or why do you think the City of London is still a thing. London's always been the beating heart of international money laundering

    • Dave Sisson
      Dave Sisson 4 months ago +2

      @Tuabu Mopolo Sadly DR Congo can not control its own land in the east, so the last thing they need is more territory to their west. But perhaps they could make a claim to St Helena when there is peace and prosperity in all of their country within its current borders?

    • Tuabu Mopolo
      Tuabu Mopolo 6 months ago +1

      @Dave Sisson Britain, please offer Saint Helena to the DR Congo.

    • Hachibi Delta
      Hachibi Delta 6 months ago +2

      London had a cute daughter named Singapore who did pretty much same thing. (Yes i know its actually everywhere)

    • Community Gardener
      Community Gardener 7 months ago

      @Jim Moynahan Please elaborate.

    • Oceanside
      Oceanside 7 months ago +1

      Queeny owns mass quantity of land in Commonwealth Countries globally. It's all sus.

  • Hadi D
    Hadi D 7 months ago +118

    Curious the FT only started caring about this issue after Russia invaded Ukraine.

    • borano20
      borano20 6 months ago

      It´s not curious. It´s cynical and morally corrupt with double standards. Rgr

    • Mr Ror
      Mr Ror 6 months ago

      @MG Kelly that's because Arabs, Indians and Chinese are protected species benefitting from wokist double standards.

    • P M
      P M 6 months ago

      Did you miss the part of the video covering Defence?

    • Chris Bowser
      Chris Bowser 7 months ago +3

      I’ve said it before but Brexit had two kinds of supporter, those with xenophobic tendencies and those who realised at some point the EU was going to try to come in and shut down these criminals so they came up with the idea of ‘taking back control’

    • Doctor Detroit
      Doctor Detroit 7 months ago +3

      FT would speak highly of anyone paying them off.

  • Mr. Crossplane
    Mr. Crossplane 7 months ago

    Thoroughly enjoyed this production, very informative. Good job 👏🏾

  • nq875
    nq875 3 months ago +1

    I love the way everyone now says, 'Oh, if I'd known they were dodgy I wouldn't have sold them anything', but only after they've made their fortune. And it's strange that the ordinary man on the street knew they were dodgy but these supposedly smart people seem to be totally oblivious! Every nose in the trough with them and they don't give a damn!

  • Anna Banna
    Anna Banna 7 months ago +3

    The only reason this happens is because it's allowed to happen, from the very highest levels.

  • Catoom Horatio
    Catoom Horatio 6 months ago +3

    This is why Brexit was. For being unregulated and uncontrolled by EU authority. And being a private laundromat of Russian Oligarchs!!!
    A big hurray and claps for B. Johnson, N. Farage and others. Well done dudes. It was a nice job for UK.

  • Joshua Ewulo
    Joshua Ewulo 7 months ago +5

    The UK appears to have lost its moral compass? Really? 🤣🤣🤣. Did it ever have one? These guys need to read some history. 🤣🤣🤣

  • Prepperjon PNW
    Prepperjon PNW 7 months ago +1

    I would like to point out a couple of things: while it’s ok to freeze all the russian oligarchs money and other assets you MUST leave everything and everyone else alone and stay away from them/it. The economies of most western nations would almost certainly collapse if there was a sudden exodus of all the behind the scenes money. That money and those investors need to be kept private. While it seems to be noble and altruistic and the “right” thing to do it couldn’t be farther from the truth. As is almost always the case it would be the average citizen that suffered the most and you would see 95% of the middle class disappear overnight and slip down into poverty while the rich would do what they always do. They, the rich, would move their money/assets to a different location. When the economies started to collapse it would be the average person that would lose their jobs and no longer be able to pay their bills and then lose every pence of net worth they had worked for in the blink of an eye. The resulting crisis would make the great depression of the 1930’s look like a picnic in comparison.
    The system we have may have a lot of grey areas and yes a large number of oligarchs and others even more corrupt and morally bankrupt than them involved in it, but its the system we have right now. Changes need to be made in incremental steps slowly over a number of years even decades so as not to collapse the entire system and our economy with it. By doing it slowly we would have more control over the economy as a whole allowing for everyone to make adjustments as necessary. To use an analogy it’s kind of like teaching someone to swim and operate a sailboat. You don’t just drop the person into the middle of the North Sea at night in January during a massive storm and expect them to swim ten miles to get to the sailboat. Then figure out how to get onto the sailboat, make their own sails, attach them correctly, raise them up and then sail around the world nonstop alone and with no food or fresh water lol. On the contrary you start by teaching them to swim in a heated pool somewhere and then go from there with all the obvious steps. By doing it that way you have more control. You might find that when it comes to teaching that person how to sail the boat they are hopelessly inept and unable to learn how to sail. So that is where you would stop the lessons and begin a search for someone else who CAN learn everything needed to complete the task.
    This grand slam of a fire sale approach to changing the system would only result in the complete destruction of our economy and quite possibly the destruction of the worlds economy. Slow and steady wins the race. Remember that.

    • Elinars
      Elinars 7 months ago

      I think you don't realize that this is not about Russian oligarchs but about a lockdown of the financial system.

  • Z Man
    Z Man 7 months ago +40

    Well the only difference is before the britsh were stealing money themselves and now they are welcoming stolen money 😂

    • Irene Severova
      Irene Severova 6 months ago

      They stole them from the Russians … like bandits lol

    • Natali
      Natali 7 months ago +3

      Smart management

  • Naehh
    Naehh 7 months ago +5

    I'm surprised that you don't even mention the 'City of London' , surely a major issue to consider here. Certainly on topic.

  • Bran
    Bran 7 months ago +16

    We’re not ready to talk about China though! 😂 They’ll have to invade Taiwan before we even consider their money “dirty”

    • marg H
      marg H 6 months ago

      Amen! China is now the Super, Super Power. Tentacles in much of the UK's major infrastructures! Much more so than Russia & 30% plus of world production! I mean look at their Human Rights record & yet the Olympics were held there? We need to open our eyes!

    • Irene Severova
      Irene Severova 6 months ago

      in Solomon island too

  • richard acevedo
    richard acevedo 7 months ago +1

    With the axiomatically understood notion that there can exist corruption everywhere, one must understand that nothing is white or black. Gradients are relevant. In my five years in London, I took the time of reading the Financial Times almost everyday. A line came to mind whilst listening to this documentary. It said that for a number of reasons when a company wanted to go public, it would try first exchanges in the US. In the event of not fulfilling the more stringent requirements there, it would attempt to go public in London, where there was a greater chance to achieve the objective. Everything is relative. At the time of my reading, I compared in my mind the Boeing and BAE fiascos associated with aggressive questionable behavior of the part of the first decade. I drew my conclusions. Then, Inspired by the recent events, I played Mr. Ronald Reagan’s “1983 Speech, “Evil Empire”, where he points to “not put Russia on the same moral plane as the US”. A reference to that speech would have seemed passé and unthinkably associated with Today’s scenario had it been made just two or three months ago. Now. It may be more appropriate.

    • richard acevedo
      richard acevedo 7 months ago

      @Meow The weighing on the balance is a matter of opinion. We are all entitled to one. All there exist is axioms, but I would entertain your doing some research and prove it.

    • Meow
      Meow 7 months ago

      US "moral plane" is a big joke

  • Keith Price
    Keith Price 6 months ago +1

    The problem with these facts (not just this situation but other similar situations) is that people watch, learn about it, get all worked up, grumble and complain for a bit, then nothing changes. A few weeks later the next 'issue' is in the news, people complain about that, make social media posts about it, then nothing changes.
    It will never change. All governments are corrupt, they always have been, always will be. Absolute power etc.

  • Hermann Abt
    Hermann Abt 7 months ago +93

    I love how these people call others kleptocrats, while living off stolen money.

    • Ya El Z
      Ya El Z 7 months ago

      @Jay Tee British/western media and government rob other nations. They create corruption overseas and then hail these corrupt thieves as heroes when they bring the money to Britain. The local population is robbed and the western establishment lives off of that money while blaming the robbed for what was done to them.

    • Arrow
      Arrow 7 months ago

      @Jay Tee Its taxes and fees not paid to their national jurisdictions. But corrupt countries create high taxes and a system of Kangaroo courts to only prosecute selectively by placing a high entry bar on competitors , and allow loopholes for the chosen parties to escape this - typically its one of feigned ignorance of tax evasion etc. And 'these people' mean the loudmouthed journalists that criticize the same system that ultimately sustains them, pretending to be some sort of good samaritans etc - if it wasnt for the proceeds of such financial activity - they wouldn't be having a good quality of life, nor any safety and security that such activity can afford .

    • Hermann Abt
      Hermann Abt 7 months ago

      @Jay Tee the persons in this video saying the words kleptocrat or kleptocrats, who enjoy a first world living standard because of the stolen money their country gets from Russia, Asia, Europe, Africa and South America.

    • Jay Tee
      Jay Tee 7 months ago +5

      Define "These people" and whose money was "stolen"?

    • Kalvin Baker
      Kalvin Baker 7 months ago +1

      Spot on

  • Peter Burgess
    Peter Burgess 7 months ago +3

    I think many said, “I told you so”, but still nothing was done. If this distillation of the story doesn’t make us think, then when it comes to the ballot box we might as well just spoil our democratic right. It is about time our leadership is brought to book - the squirming wretches! As ever, the ordinary people of this world shoulder the politically empowered, wherever they might be, but most evidently in the UK. Shame on those who chase their greed, but kudos to those who try hard to expose these callous people. Well done FT.

  • Wesley Sanders
    Wesley Sanders 7 months ago +5

    The FT is so important to be reporting on this, congrats, and know that you have massive support!

  • Reality
    Reality Day ago

    Key sentence “This is not just about Russia” Theft IS the system.

  • D Snodgrass
    D Snodgrass 7 months ago +4

    This is a picture of the world where you let financialized capitalism make all the rules to suit itself.
    The things you thought you'd made "free"; instead you've just auctioned off.

  • xrayfish2020
    xrayfish2020 7 months ago +2

    Excellent exposure of the corrupted dealings of Londongrad 👍🇬🇧

  • Flower001186
    Flower001186 7 months ago

    All I wanted was enough money to buy my own place. Its going to take a good chunk of my life to achieve this. And these people get to 'lend' around stupid amounts of money 10x more than a small flat would cost on a daily basis. Makes me sick.

  • ⃢      ✅
    ⃢ ✅ 7 months ago +14

    The official mascots of the City of London are called 'Gog & Magog: Guardians of the City of London' . You can read more about them on the following wiki pages:
    Gogmagog
    Lord Mayor's Show
    They've been the mascots since 13th century.

    • ⃢      ✅
      ⃢ ✅ 3 months ago

      @Linda McPeek nasio?

    • Linda McPeek
      Linda McPeek 7 months ago

      Nasio has a song about this....

  • Kush
    Kush 6 months ago

    People don't realise the extent to which this 'dirty' money holds up the UK economy. The UK does not have much in terms of natural resources, exports or technology. Their biggest exports are legal and financial services, hence they don't have a choice but to accept dirty money to keep the economy afloat.

  • Kathia Shanks Rubinos
    Kathia Shanks Rubinos 7 months ago +1

    There is Always a way to enrichness. In Switzerland as well with the banking system in the olden days during the second world war, not any more. Sometimes Business have a little turbulence way and concerning London I don't really think much wrong for it.

  • Tom Burroughes
    Tom Burroughes Month ago

    Russian money was flowing into the West, and on a large scale, even before the end of the Soviet Union. As the video says, the UK's Common Law system, with its presumption of innocence and relatively open approach, was exploited. The sadness is that as the UK tightens up - belatedly - it also becomes less hospitable to even legitimate investors, and no amount of tax cuts or other measures can easily change that.
    It is all too easy to say that we need more regulations and so on, but the issue is more about enforcing regulations that already exist, and building a culture around that.
    We have to be careful not to go down the route of demonising wealthy foreigners in general, because the backlash is going to cause issues of its own. We forget that in the 60s and 70s, quite a lot of wealthy British people left the UK because of its confiscatory levels of tax.

  • soarornor
    soarornor 2 months ago

    It’s a little late to ask: “Am I doing the right thing?” Building your economy on attracting dirty money from a criminal class from any country is just insane. Blame it on the Russians if it makes you feel better but it’s those at the top of the British ruling class that have engineered and allowed this situation. “Is our political system becoming more corrupt as a result?” Ya think? What else could happen from creating an entire system of welcoming and servicing kleptocrats? I’m sure there is plenty of other nationalities involved in this. “We helped facilitate global corruption.” Yeah, you have. Some democracy.

  • jim ranallo
    jim ranallo 2 months ago

    Great work...but I think the brittish banking system was created when venice moved their operation upon their final defeat... the side affects were inactivated also... including a surveillance state home to double...triple spies...the system certainly was ramped up as the sun began to set on the brittish empire.... cheers from Mexico # old money

  • Phil UK Net
    Phil UK Net 7 months ago +5

    Not before time that the British media started to expose this. The Al Jazeera channel made a good documentary on the subject some time ago: 'The Oligarchs l Al Jazeera Investigations'. It makes me laugh when Brits describe the region where I live as corrupt, yet have absolutely no idea what goes on in London.

  • Ryan Costa
    Ryan Costa 7 months ago +1

    Western interests pretty much controlled how Soviet State industries were privatized. The goal is to not remember that, and then gain as much advantage out of that as you can.

  • Aziz Alzhanov
    Aziz Alzhanov 7 months ago +80

    First they accept the money, then they say “it might have been a mistake”, and then they freeze the money and the assets. Isn’t it called a robbery in itself?

    • marg H
      marg H 6 months ago

      Absolutely! I made that comment further up! Legal theft! Doubtful the money will be returned to the rightful owners! So much corruption.

    • Akira 28 Shima
      Akira 28 Shima 7 months ago

      They say the asset are frozen. Are they, though? Should the public trust them based on track records?

    • Vyl Bird
      Vyl Bird 7 months ago

      Legally it's very difficult for a government to simply seize assets without a conviction. There are ways, but they are not easy and involve a lot of court action. While there are plenty of stories of civil forfeiture being abused on a small scale, that only works because the legal costs of reclaiming a few thousand seized dollars are often more then a few thousand dollars. If you tried that trick on someone with real money they'd keep it tied up in court for twenty years.
      An asset freeze just means the owner is unable to access the asset. They can't sell it. They can't use it. Though they might still use it as collateral on an almost-zero-interest loan.

    • Martin Cleary
      Martin Cleary 7 months ago +2

      @tonycodolo well no. If your country illegally invades another country then you might find your property rights suddenly limited. My country might legally invade yours. Your assets in my country could be sanctioned. It might be unfair but it's legal. If you think it isn't then sue the government.

    • Japheth Mesa
      Japheth Mesa 7 months ago

      that is robbery ...then pay this fools to show us the russians are bad.....do us a favour return all that money back then .......

  • Martin Cleary
    Martin Cleary 7 months ago +1

    It seems such an easy thing to do. Explain clearly who a company's beneficial owner is. Why wasn't it already built-in to UK regulations a hundred years ago? Also, these details must be policed complete with the power to sanction and confiscate property of those firms falsifying all those ridiculous Mickey Mouse details.

  • cheryl howes
    cheryl howes 5 months ago

    Great quality video Excellent for my A level economics students - so depresssing - makes me feel ashamed

  • Kathia Shanks Rubinos
    Kathia Shanks Rubinos 7 months ago

    There is Always a way to enrichness. In Switzerland as well with the banking system in the olden days during the second world war, not any more. Sometimes Business have a little turbulence way and concerning London I don't really think much wrong for it.

  • Sam Chan
    Sam Chan 7 months ago +38

    These people chose to speak out during the Russia Ukraine conflict. Where were these experts twenty years ago when the dirty money start flowing into London? Unbelievable!

    • kai ki
      kai ki 7 months ago

      Scott ritter on ukraine
      ru-clip.com/video/QHYocJWT59k/video.html

    • D Snodgrass
      D Snodgrass 7 months ago

      @Joseph Brennan weak troll. go back to reddit and practice more.

    • Joseph Brennan
      Joseph Brennan 7 months ago +1

      @D Snodgrass waffle comment

    • D Snodgrass
      D Snodgrass 7 months ago

      @K Bram weak attempt at deflection.

    • D Snodgrass
      D Snodgrass 7 months ago +3

      Many of them were making profits from the ancillary parts of the inflow.
      Some were involved in preventing scrutiny or regulatory oversight of the phenomenon, as it was "part of doing business". Only now does it become a scramble to point fingers elsewhere.

  • Johny Walker
    Johny Walker 7 months ago

    UK economy relies on foreign capital inflows legal or otherwise. The British gave up on manufacturing and exporting stuff, the only way this country can earn dollars is to sell assets (property, football clubs, companies etc) or borrow from abroad because of the balance of payments deficit. Like or hate it Great Britain needs this money and all the business it generates.

  • Will Simp
    Will Simp 7 months ago +2

    when did Britain have a "moral compass" in its history 🤔

  • Fletcher
    Fletcher 7 months ago +1

    Great. Now do video on how dependant we are on exactly this sort of activity - I mean the rest of us, not the clearly privately wealthy Whigs in this video. Maybe add a section on how your political forbears drove into a situation where we had to become a nation of pirates to survive. When did the FT get so naive?

  • kevin brown
    kevin brown 5 months ago

    I would love to look back on this a year from now to see if anything meaningful came from the reforms.

  • Mwa
    Mwa 7 months ago

    It makes you laugh and cry at the same time that I can get taken to court for being late on my council tax, but these elite types can just get away with this stuff!

  • Lucio
    Lucio 7 months ago +3

    Well, this was the whole point of brexit. Hardly a secret 🤷‍♂

  • P Kim
    P Kim 5 months ago

    N. Korea has heavily relied on London as a money transportation hub for its regime. So, N. Korea makes every efforts not to make U.K. angry about something while it blames U.S. everyday. Singapore is similar to London for them.

  • Tobias T
    Tobias T 7 months ago

    Great contribution, thanks you, FT!

  • Prof.Heinous
    Prof.Heinous 7 months ago

    Great story, great production, thanks!

  • SvendBosanvovski
    SvendBosanvovski 7 months ago

    A good primer, but regrettably focuses exclusively on the oligarchic money from Russia, important as that may be. Oliver Bullough in his brilliant book Money Land (2018), for example, devotes an entire chapter to the Ukrainian oligarchs and political leaders, some of whom have been convicted of criminal fraud. Treasure Islands: Tax Havens, etc, by Jeffrey Shaxson is another that looks into the American side of the game. Also Panama Papers. Tax havens as a system for hiding money have their genesis earlier than suggested here. They go back to Swiss banks that set up safe havens for German and Jewish money in the pre-WW2 period.