UK now being termed as the bank scam capital of the world, here is why

Also read | UK: 18-year-old Afghan refugee stabbed to death in London

A 2019 exposed the system in the UK as it analysed 400 corruption and money laundering cases. The survey revealed that nearly 600 businesses, institutions and individuals in the UK help in laundering money for the corrupt.

The total amount came down to over 400 billion dollars. 

It was further revealed that 118 luxury goods and services firms, 81 law firms, 86 banks and financial institutions, and 62 accountancy firms have been involved in such acts. 

Even the Educational institutions accepted suspicious funds. A total of 178 such institutions took more than 5 million dollars. 

Some of these institutions include the Charterhouse Square School, Harrow School, University College London, and the University of St. Andrews. 

Reports reveal that more than 42,000 properties are owned by offshore companies. 

Also read | California’s Alisal fire continues to burn 14,500-acres

Money launderers have found a new home in London as for years now, the UK has allowed criminals to get away with stealing. Indian businessman Vijay Malya defaulted on loans worth 1 billion dollars. While India has been trying to extradite him, he seems to have found a new home in the UK. 

Luxury properties in London have become a way for the corrupt to hide their cash. Former Prime Minister of Pakistan, Nawaz Sharif’s children, who have set up three offshore companies owned at least six upscale properties. In 2017, after he resigned following the Panama Papers verdict, he found a home in London to avoid his jail time. 

×