Russian oligarchs have kept their money in London for twenty years, encouraged by British bankers’ lawyers and politicians. Critics say that the ‘London laundromat’ cleans dirty money from kleptocrats all over the world. This video looks at where dirty money comes from, how money laundering works and why it took Russia’s invasion of Ukraine to put this issue in the spotlight.
From One Hyde Park to Bishops Avenue. Where is oligarch money kept in London?
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Patrick's dive into London and dirty money is brilliantly suggestive in parts and there's so much to be excited about in a good way. But also as he would do Patrick skips over consideration of the solution he throws out in the guise of 'let it be', let the police handle it. The first portion shows how easily the super wealthy hire their own 'police' or can overwhelm public law or prosecutors with their money. So if Patrick is going to raise this important subject he must consider more than off hand solutions based on his free market beliefs. Kudos to Patrick for too quickly mentioning Mark Hollingsworth's 2010 "Londongrad'; it never seems to have crossed the pond and been ''published' in the US.
One thing tho
The UK visa only granted five yrs leave to remain
They still needed to go through the motion of five yrs of residency another yr with indefinite leave to remain to qualify for British passport
The Malta scheme basically sent u a passport once your money and "checks" were in place
I guess the upside of it all you are pretty safe from nuke if u leave in London because u know mr Putin has a house there
Socialism is the politics of envy.😁
Your proposed solution would do nothing about the list of people like the Nigerian fashion designer you mentioned at the beginning of the video. Also, the whole U.K. trust law concept is an obvious money laundering and tax evasion tool.
Great video. Very informative. Keep up the good work.
London money laundering isn't "a big problem", it's the main sector of London's economy and (probably) Britain's main export.
Thank you very much for doing this. I wanted somebody to explain this to me for quite a while.
I think a good barometer for how interesting any given one of Patrick’s videos is is a count of how many times he uses the word “allegedly”. Nice one PB, thank you again!
A series called Gangs of London brought me here!
Well over ten percent of central London property is owned by offshore companies these days. Since no UK stamp duty is payable on the purchase of shares in a foreign company that means a lot of London property sits as foreign companies that pay no tax when their shares are bought and sold. That situation is nuts for Britain with its huge fiscal black holes in spending and UK public borrowing at 98% of economic output in September, higher than at any point since 1963 (when the UK was still paying off vast debts from WW2).
I feel like a lot of this video is just talking about the US FED
Didn't know you were a fan of Black Books, Patrick Boil
It's clear we vote for inefficient and probably corrupt politicians so that in essence rich people are and remain comfortably above the law.
A cost benefit analysis on money gained through crime? Here is the result without doing any analysis, accepting dirty money means YOU are a criminal. Period, end of dialog. Are we gonna say drug dealers are not criminals now because they simply facilitate transactions between cartels and drug addicts?
PutinBiden War Has A Purpose:
British empire: lets exploit other nations.
British empire 2.0: let's help the human scum exploit their own people and destabilize or society at the same time.
its a shame most media turns a blind eye to government corruption.
Surely ownership by entities other than people living in the UK should be illegal
This is sad.
13:00 "Obviously the majority of people who got visas to live in the UK under programs like will have made their money honestly…"
That's the kind of humor that keeps me coming back to the channel.
Inflation today is caused by corporate greed, not just supply chain issues. Corporations are recording record profits, so we know that the money being raised by the higher prices isn’t being passed on down the supply chain. The money raised by higher prices is stopping at the corporations and going into their pocket. That’s how we know it’s not supply related inflation. It's a good time to take a beat up 401k and do a Roth Conversion if your stocks are really beaten down. Then you'll only pay taxes on the much lower current prices, and your Roth will be tax free.
"The London laundromat" Great fun. … But this is old news, and what do you want England to do? They have sold out most other industries. The only thing left is moving around USD to tax paradises with the help of UK lawyers and consultants, all protected by the City's independence statutes. … Dictators, on their side, need to be able to hide in democracies when they fall out of favor. … And now the conservative party is falling apart because they never saw the writing on the wall but kept suggesting tax relief to the rich. And will the war in Ukraine make a difference? So far, these have only been cosmetic.
not surprised to see heritage foundation to give silly arguments to anti money launderig laws, but surprised i heared them here.. 4B a year is money well spent to avoid completly ALL financial institution going rouge on this and also it gives the state a good lever to apply pressure when investigating other related crime.
A russian, a man from the ukraine, an american and a kazkh walk into a bar. The 1 Hyde Park Bartender asks what they'll all have.
13B GBP in total assets? What? That's peanuts for all foreigners. I don't believe it. And 0.16%? That makes around 20M GBP. That's one big Chelsea home. Not sure the Prof has been reading the right stats…
If you don't want obscenely wealthy absentee landlords in your country extracting all the wealth in cahoots with your own political elites while your countrymen struggle for subsistence in their own country, then do what the Irish did when faced with this same problem – form a peaceful democratic national association of your own (Ireland's was led by Daniel O'Connell)
When this peaceful mass movement of the people is suppressed by military force and its leader imprisoned, and loyalist supporters of the government's repressive regime arm themselves illegally against the majority of the people, and the government fails to act against this minority (although it acted against the peaceful democratic mass movement of the majority), then form your own armed group to ptotect yourselves from the attacks of the state forces and armed loyalists.
Unlike in Ireland, you won't have a massive military power next door pouring troops into your country in support of the minority loyalists who back the aristocratic regime, so it should be a much easier task with less bloodshed.
It's a good thing Canada 🤡 has done such a good job of keeping out dirty money in real estate and other areas 🤔, I feel bad for those in the UK. 😑
Far from just dirty, Brexit kingdom is filled to the brim with blood money & metals because of their ongoing past and the skin jobs in charge at the top are the sickest evil minded fake humans ever to occupy earth and they have been pulling the strings for thousands of years. But as the all truth occurs many will know enough of the truth behind their so called leaders of the world and let me just say that blood money is the least of everyone's worries.
Of course, the British are known the world over for having bullet proof morals, exemplary values and for being the most truthful society on earth. … … …
Please do a similar one on Dubai
Love your new set up! Also just wanted to thank you for your videos. I love how clearly you explain complex subjects.
Great video, as always.
One thing which confused me was that at 7:55, you say that "the biggest wave of all (of foreign money) came after the fall of the Soviet Union in 1989". However, at the end of the video (~23:50), you say that "Russian's share of (foreign bought) assets is roughly 0.16%". If this comment ends up being seen, would you mind explaining how these two statements are consistent? Thanks again!
There is such a negative outlook towards great wealth. It has been an open secret for a very long time that London is full of Russian mega money. I haven't really got a problem with it. We live in an internationally connected world.
There is also: Cyprus, Switzerland, Bermuda, Monaco, Liechtenstein, Aruba, Panama, Jersey, Isle of Mann and many many more.
I haven't got a problem with it.
UK has always been a disgusting society. The working class is alright, but its elites are corrupt to the core.
I think I'm going to get into some dirty money ventures.
Disgusting and shameful.
I guess stealing from thief is near virtuous