City of London leader calls for tougher reform to shed ‘laundromat’ tag

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Recent reforms need to be strengthened to help change a perception that London is a “laundromat” for dirty money, the leader of the British capital’s financial district said.

British Prime Minister Boris Johnson said there was no place for dirty money to hide in Britain after it imposed sanctions on Russia over its invasion of Ukraine.

Moscow’s invasion, which the Kremlin describes as a “special military operation”, has shone a spotlight on a city some have dubbed ‘Londongrad’ for its close financial ties to Russia.

“I don’t think London is the laundromat that it is painted to be,” said Catherine McGuinness, political leader of the City of London Corporation, which administers the financial district.

Campaign group Transparency International has said that 2,189 companies registered in Britain and its overseas territories were linked to 48 Russian money laundering and corruption cases, involving funds worth 82 billion pounds.

“It hasn’t been fair but we have to look at what’s causing the perception. When you look at objective measures, we don’t do badly actually, our system stands up well,” she told Reuters.

via Reuters

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