Golden visas for oligarchs: London closes a loophole to Russian money laundering
2/17/2022 at 4:43 PM
The British government wants to abolish simplified visas for wealthy investors. Previous entry permit requirements are at least £2 million in assets in UK mutual funds and a UK bank account. Critics see it as an invitation to launder Russian money. As reported by the BBC, the end of the programme, which was introduced in 2008, will be announced early next week.
- Opposition Labor MP Chris Bryant accused the Conservative government of “distributing golden visas to a shady Russian oligarch”, thus creating a loophole to launder illegally obtained money.
- According to Transparency International, UK property worth £1.5 billion is owned by Russian citizens accused of corruption.
- A quarter of it is in the Westminster government area of London.
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