Oliver Bullough in The Guardian: If cash flowing west in other Baltic state banks were in proportion to the $200bn uncovered in Danske’s Estonian branch 2008-15, up to €4n could have transited the three small republics. British LLPs are the vehicle of choice.
“Thanks to a gigantic money-laundering news story, which this week brought down the head of Danske bank, we can get a sense of just how much money has been pouring out of the former Soviet Union, including cash belonging to the Kremlin elite. And it has all been happening because Britain has refused to help stop it.”
“Russian crooks can still abuse limited partnerships in exactly the same way they did a decade ago. It is simple to create a limited partnership, owned by two companies in a tax haven, and then lie about who the true owner is. That obscures your identity completely, and costs you just £20: the public can’t tell if the information published by Companies House is correct, and Companies House itself doesn’t check.”
Read this article and try not to weep.
Image: Quora / PAYMNTS.com