A committee of MPs has heard that a “fragmented and uncoordinated” approach by government departments and law enforcement has allowed too many “bad guys” to get away with laundering money in Britain. The Foreign Affairs Select Committee, which is now chaired by Conservative MP Alicia Kearns, is investigating how effectively Britain is responding to the challenge…
Bank Chiefs Should Face Jail Time for Money Laundering, Say UK MPs
A cross-party group of MPs has urged the government to introduce legislation that would put bank executives behind bars if they allowed or encouraged money laundering. Parliament rushed through the Economic Crime (Transparency and Enforcement) Act in March in an attempt to deprive Russian oligarchs with ties to President Vladimir Putin of their UK-based wealth,…
UK Scraps ‘Golden Visas’ for Wealthy Foreign Investors Over Security Concerns
The UK government has scrapped the so-called “golden visas” for wealthy foreign investors over security concerns. The Home Office announced on Thursday that the Tier 1 Investor visa route has been shut to all new applicants from all nationalities with immediate effect. The visa, launched in 2008, has often been called a “golden visa,” as…
London’s Financial District to Convert Empty Offices Into New Homes
The City of London, the British capital’s financial district, will convert empty offices into new homes as part of its plan to adapt to the new reality under the CCP (Chinese Communist Party) virus pandemic. The City of London Corporation, the district’s governing body, said it will work with the property industry to “explore new…
City of London Expects Most Workers to Return After Pandemic
LONDON—The City of London financial centre, which has resembled a ghost town since the coronavirus swept the world last year, is likely to see most workers return to their offices after the pandemic, the City’s political leader said on Tuesday. Catherine McGuinness, policy chair at the City of London Corporation, told BBC radio she was…
Police Find Large ‘Cannabis Factory’ in City of London
A large “cannabis factory” was discovered for the first time in London’s financial district following reports of a strong smell, City of London police said on Thursday. Police said it was the first-ever cannabis factory found in the City, and it likely initially went undetected as far fewer people are present in the area due…
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