DEBATE: Does it make sense to clamp down on Russian money in the City?
Does it make sense to clamp down on Russian money in the City?
Richard Osborne, managing director of eFiling, says YES.
Combatting Russian money laundering should be a major UK foreign policy objective.
The UKs large financial sector and its importance to Russia gives it considerable leverage, but the government must be consistent in its approach: either tackle the dirty money, or be upfront and acknowledge that it doesnt mind it flowing through our economy. It cant be the case that, after a recent vote against verifying the beneficial owners of businesses registered at Companies House (a loophole that attracts illicit finance), the government now claims to be robust on money laundering.
An entirely reactive strategy shows that we are either not serious or are clueless. The best way to stand up to aggressive Russian foreign policy is to end the laundromat model that allows Russia to subvert the international rules-based system, undermine our allies, and erode UK policy.
This means genuinely committing to tackling all the dirty money in the capital, as well as this much-needed clampdown on illicit Russian money.
Read more: Government cracking down on Russian investor tier one visas
Steven Woolfe, independent MEP, says NO.
The latest hit TV series might have you believe that all Russian money is suspect. But this is just not true. The vast majority of it is legitimate. Often, this money has been earned by hard-working, passionate Russian entrepreneurs – yes, they exist.
The world is a better place when markets are open, when trade can break down borders. Talking openly, trading together, and investing in each others companies is exactly what creates the conditions for trust, confidence and peace. We should not turn business and financial markets into an arm of war and regime change.
Finally, if were to prosper as a country, we need to show the rest of the world that we are open to investment and business. We need to encourage more companies to consider investing here, creating jobs and wealth, not send them somewhere else.
Right now, it feels like were living in a Cold War thriller, where anything Russian is viewed with suspicion. Lets get some perspective and stop the knee-jerk reactions.
Read more: Russian heyday of acceptable corruption is over, says Tom Tungendhat
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