Russians use British firms to launder money

Russians use British firms to launder money

The British authorities believe that Russian citizens can use companies registered in Britain to launder income received, including in connection with the war in Ukraine. This is confirmed by the Bloomberg agency with reference to sources.

As stated in the material, limited liability companies owned by foreign citizens, after official registration in Britain and entry into the trade register of this country, are extremely rarely subject to tax audits. According to Bloomberg sources in law enforcement agencies, hundreds of such companies, registered by citizens of different countries, are probably used in money laundering or tax evasion schemes. While Great Britain imposed wide-ranging sanctions against many Russian companies and individuals after the invasion of Ukraine, Britain’s financial system is still riddled with shell companies and other non-transparent structures, the investigation claims.

Bloomberg writes about a company registered in London (its name is not given) as the owner of a grain truck. Presumably, this vessel is used to export grain from the occupied territories of Ukraine. Three of the company’s current and former employees are recognized as Russian citizens, and it does not allegedly conduct any real activity in Britain. The EU recently discussed the possibility of imposing sanctions against the company, but did not include it in the package.

According to the documents obtained by Bloomberg, there are several other companies registered at the same London address, the founders of which are other Russian citizens. Among them is an employee of the Ministry of Internal Affairs of Russia, whose Moscow address is indicated in the Registration Chamber of Britain.

“I have no doubt that British companies, created a few years ago by foreign citizens, are now involved in the looting of Ukraine,” Oliver Bullough, a researcher of global money laundering schemes, told Bloomberg. According to him, in recent years “thousands of criminals” have registered companies in Great Britain – it is inexpensive, checks are rare, and the presence of a British address gives the appearance of respectability.

A bill aimed at strengthening the fight against money laundering has been submitted to the parliament. Its authors claim that it will help to stop the activity of thousands of companies registered in Great Britain, which are used to facilitate money laundering, fraud, financing of terrorism and illegal purchases of weapons. The review is scheduled for September.



Original Source Link