As it is stated by prominent journalist Roberto Saviano, who has dedicated over a decade of his life to the investigation of the criminal activities of the Italian Mafia, 90 per cent of the owners of capital in London have their headquarters offshore. Jersey and the Cayman’s serve as gateways through which criminal capital in Europe and the UK flows. The journalist would note that a total of 57 billion pounds (74 billion euros) is being laundered in the United Kingdom, which makes the City of London and Wall Street the two largest centers for money laundering in the world, where drug cartels are able to transform their criminally acquired cash into legal money.
London – is an international financial center that services millions of transactions with a total worth of hundreds of billions of pounds every year, while offering the most sophisticated financial services on Earth. But, at the same time, the British capital is the center of the global offshore system.
In 2015, the National Crime Agency published an influential report that would state that criminals would launder hundreds of billions of dollars using UK banks and their branches.” It was also reported that the amount of money laundered constitutes a direct threat to the economy and the reputation of the United Kingdom.
Mind you, that the release of the so-called Panama Papers has directly affected British PM David Cameron since they revealed that his father was running a large offshore investment fund. Yet another interesting revelation was made by Transparency UK which released a report in March 2015 that would state that London’s real estate market is being used to conceal illegal income and launder money obtained through bribes. It would note that 36,342 properties covering 2.2 square miles (5.7 square kilometres) of London – an area twice the size of London’s financial district – are owned by shell companies, while 75 per cent of UK properties currently being investigated because of corruption are registered in secret safe havens. The British division of Transparency International has even launched a special website ukunmaskthecorrupt.org, where anyone can trace such properties through an interactive map of London.
This further confirms the fact that corruption and financial crimes have deep roots in the UK, and all sorts of criminals across the world are perfectly aware of the fact that they can find a financial safe heaven in London.
Against this background one can only be amazed by the blatant hypocrisy that the leader of the ruling Conservative Party has demonstrated. Last May, David Cameron organized an international meeting in London, with representatives of dozens of countries sending their representatives. The meeting was labeled an Anti-corruption Summit, which provoked a wave of bitter criticism and ridicule in the British Parliament. In particular, opposition party members directly demanded the Prime Minister close all commercial entities that have been created for the purpose of money laundering in the UK and its overseas territories.
So while UK authorities, like their colleagues across the Atlantic, are declaring their determination to fight corruption, in reality they keep providing criminals of all kinds the ideal safe haven for laundering their money in London and New-York.
...not until Canadians come to understand the criminal nature of our authorities, will they begin to search for genuine alternatives