Trawling through various sites for something else of interest to post, in the absence of any major headlines so far this weekend, I came upon this piece about the murky goings on in the UK regarding money laundering to the tune of GBP 12.5 bln
At least 19 UK-based front companies are under suspicion. The scandal highlights how lax corporate rules have made this country an attractive destination for global organised crime
The UK Money Launderette
Says The Independent following an in-depth investigation
Front companies in the UK are at the heart of an investigation into one of Europe’s biggest money-laundering operations, allegedly forming part of a conspiracy to make $20bn (£12.5bn) of dirty money look legitimate. The funds are believed to have come from major criminals and corrupt officials around the world wanting to make their ill-gotten cash appear “clean”, so they can spend it without suspicion.
With corporations looking to the UK for tax-efficient company purchases the article makes for an interesting read
More here