FORTUNE - “It took the war in Ukraine to refocus attention on oligarch investments and what London h

“It took the war in Ukraine to refocus attention on oligarch investments and what London has become in terms of a European laundromat for dirty money.”⁠⁠London has a long-standing reputation for being a playground for Russia’s ultra-rich. But this could soon change as Westminster’s left-wing local council is looking to seize Russian-owned properties bought through questionable means to “combat the capital’s reputation as the European center for money laundering,” the council said in a statement.⁠⁠The council oversees some of the most affluent districts of London like Belgravia, Knightsbridge, and Mayfair.⁠⁠The investigation will find properties that have been acquired with “money of dubious origin” or “dirty money”—which includes houses bought with cash obtained through criminal activity, such as bribery or theft of state funds, as well as tax havens or elaborate tax-avoiding corporate constructions.⁠⁠🔗 Read the full story by clicking the link in bio.⁠
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