Illicit inflows have helped to inflate property bubbles globally, not just in Britain. Efforts to clamp down on it are a headwind for asset prices and the economic activity it has generated, especially in places like the U.K., Australia, Canada and beyond.
For years, Britain actively courted Russian billionaires, ignoring reports that some of their wealth was suspect. Today, there’s so much Russian cash in Britain, the capital has been nicknamed “Londongrad.”
British intelligence has warned that oligarchs’ money is propping up Putin’s regime — and helping to fund the war in Ukraine. Now, the U.K. is under pressure to show its Western allies it can stop the flood of corrupt money.
Here is a direct video link.
