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Great Britain. The Russians are using the leaky British system to launder the profits of the war

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The Russians are using the leaky British company control system to launder the profits from the war in Ukraine, Bloomberg reports. Financial crime expert Oliver Bullough said some businessmen chose the UK because it is cheap to set up a business, there are few controls and a British address gives them a semblance of credibility.

British law enforcement believes that hundreds of companies registered in the UK in recent years are controlled by the Russians. Some of them use war in Ukraine to make profits.

>> War in Ukraine – report on tvn24.pl

Although since the invasion of Ukraine Great Britain imposed broad sanctions on many Russian entities, it had previously sought foreign investments for years. Therefore, the financial system is filled with shell companies with opaque structures, which complicate the implementation of restrictions on Russian enterprises, writes Bloomberg.

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The Russians are using the leaky British system to launder the profits of the warANDY RAIN/PAP/EPA

According to officials cited by the agency, but not named, London attracted investors with its lenient regulations, allowing for a high level of discretion.

The British address gives a semblance of credibility

One of the companies recently identified by British authorities is registered at an office address in London and appears in the shipping records as the owner of a grain transport company. Her ship is suspected of illegally transporting grain from Ukraine and violating international sanctions, but has made numerous cruises in the Black Sea in recent months, according to the agency’s informants.

The company is based in London, but all current and former board members stated that their places of residence are in Russia. Interestingly, several other enterprises founded by Russian citizens are registered at the same London address. One of them is an employee of the Ministry of the Interior. He also indicated the center of Moscow as his address of residence.

Oliver Bullough, a specialist in financial crime, told Bloomberg that some businessmen chose the UK because it is cheap to set up a business there, there are few checks, and a British address gives them a semblance of credibility. They use UK digital bank accounts to launder money, he added. “I have no doubt that British companies founded a few years ago by foreigners are now engaged in the looting of Ukraine,” he said.

Main photo source: ANDY RAIN/PAP/EPA



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