The Intelligence from The Economist Hide, park: Russian money in London
Jun 3, 2022
Matthew Valencia, Deputy business affairs editor at The Economist, dives into London's allure for Russian oligarchs, exposing the layers of money laundering and the need for stricter enforcement amidst a challenging financial landscape. Catherine Nixie, Britain correspondent, connects historical royal jubilees to modern society, offering insights into how these events reflect the nation’s evolving identity. Meanwhile, Lusya Shtein from Pussy Riot shares her daring escape from Russia, contrasting cultural rebellion with national celebrations, sparking dialogue about freedom and oppression.
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Impounded Superyacht
- Jason Palmer visited Canary Wharf and saw the impounded superyacht "Phi".
- The yacht, worth £38 million, belonged to a Russian oligarch and was seized by the British government.
Attracting Russian Money
- London has attracted Russian money due to favorable tax rates, light-touch financial regulations, and a thriving luxury property market.
- Successive British governments have been "dazzled" by the influx of foreign capital, neglecting the issue of dirty money.
Overlooking Dirty Money
- British governments have implicitly overlooked dirty money for decades, prioritizing the allure of foreign investment.
- The war in Ukraine has shifted the government's perspective, leading to increased sanctions and an economic crime bill.