Displaying items by tag: Russian oligarchs

Over fifty officers were involved in an operation at a Russian businessman's multi-million-pound London home to investigate potential criminal activity by oligarchs. They arrested a 58-year-old man on suspicion of money laundering, conspiracy to defraud the Home Office, and conspiracy to commit perjury. He was also charged with obstructing an officer when trying to leave with a bag containing thousands of pounds in cash. Another man who is the former boyfriend of the businessman's current partner was arrested at his home in Pimlico for money laundering and conspiracy to defraud. The National Crime Agency (NCA), which was established this year, is having ‘significant success’ investigating potential criminal activity by oligarchs.

Sanctioned Russian oligarchs from Putin's inner circle have exploited a UK secrecy loophole left open by the Government. They use a type of company which does not need to identify its real owners known as an English Limited Partnerships (ELP). ELPs are also linked to fraud, terrorism and money laundering. Since 2017 over 4,500 have been set up to dodge anti-money laundering laws which require the real owners to be disclosed. Pray for the UK Economic Crime Programme, police and government to make ELPs illegal. Meanwhile Shell Plc has given employees a ‘Special Recognition Award’, equivalent to 8% of their annual salary, after recording profits for a second consecutive quarter thanks to soaring oil and gas prices and legally strong refining margins. The one-time payment will be made to most of Shell’s 82,000 employees. Shell said the award was not a response to the rising cost of living. See

The department of transport has blocked yachts from leaving Britain over suspected links to oligarchs, and ships linked to Russia have been turned away or redirected when attempting to enter British shores. Grant Shapps told the House of Commons, ‘I can confirm that we are investigating yachts moored in this country we suspect are linked to Russian oligarchs. I have taken steps to ensure that they are unable to depart, and investigations are ongoing. Ten Russian-linked ships have been turned away or redirected on their course. Eight ships or their companies have severed their Russian ties.’ Data from Marine Traffic, a global intelligence group, shows yachts owned by oligarchs are on the move, and sailing out to sea. Anti-corruption activist Bill Browder said, ‘No self-respecting oligarchy exists without a yacht. What we're seeing now is an escape on the high seas.'

In the wake of an announcement that the UK is to clamp down on rich foreigners, a number of Russian oligarchs have reportedly asked the Kremlin if they can return to their country without being arrested. British security minister Ben Wallace is said to have sparked fear among some of London's wealthy foreign contingent when he announced tough measures to crack down on criminals and corrupt politicians, resembling those portrayed in the TV series McMafia. The High Court has started issuing unexplained wealth orders (UWO's), in which money of those who were unable to explain how they acquired British assets of more than £50,000 could be frozen. Last March the Organised Crime and Corruption Reporting Project stated 500 wealthy and well-connected Russians were behind a ‘global laundromat' when their banking records were obtained.