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London or Londongrad? What makes the UK a hub for global 'dirty money'

According to reports, the 'questionable funds' in the UK amount to over $125 billion every year. What makes London a hub for money laundering? Find out here

London or Londongrad? What makes the UK a hub for global 'dirty money'
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BS Web Team New Delhi
For years, the United Kingdom (UK), specifically London, has continued to be a haven for economic offenders from other nations. Russian oligarchs have kept their money parked in the country in the form of property and other assets. It has earned the city an unenviable nickname, 'Londongrad'.

Even Indian businessmen, like Nirav Modi and Vijay Mallya, who have been declared fugitive economic offenders (FEOs) by the Indian government, have been living in the UK, seeking asylum.

The ongoing war in Ukraine has brought the topic back to the discussion. In March, the British Parliament passed the economic crime act

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First Published: Aug 08 2022 | 4:57 PM IST

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