Left Menu
Development News Edition

London is not the place to launder Russian money, British minister says

The British parliament's intelligence and security committee said in a report published on Tuesday that London had become a particularly favourable destination for Russian oligarchs and their money, referring to London as the "laundromat". "It is very very important that the good name of London, the City and the United Kingdom - when it comes to anti-money laundering legislation - is maintained," Shapps told the BBC. "This is not the place to come and launder money," Shapps said.

Reuters | London | Updated: 22-07-2020 12:24 IST | Created: 22-07-2020 12:16 IST
London is not the place to launder Russian money, British minister says
Representative image Image Credit: Twitter (@IMFNews)

London, the world's preeminent international financial center, is not the place to launder Russian money, Transport Secretary Grant Shapps said on Wednesday. The British parliament's intelligence and security committee said in a report published on Tuesday that London had become a particularly favorable destination for Russian oligarchs and their money, referring to London as the "laundromat".

"It is very very important that the good name of London, the City and the United Kingdom - when it comes to anti-money laundering legislation - is maintained," Shapps told the BBC. "This is not the place to come and launder money," Shapps said. "It's not welcome."


TRENDING

OPINION / BLOG / INTERVIEW

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Rwanda’s COVID-19 response commendable but health information system needs improvement

Rwanda is consistently working to improve its health information system from many years. However, it is primarily dependent on the collection and reporting of health data on a monthly basis. Besides, evaluation studies on Rwandas HIS publis...

Videos

Latest News

India arrests 9 al Qaeda militants planning 'terrorist attacks'

Indias National Investigation Agency NIA said on Saturday it has arrested nine al Qaeda militants who were planning attacks in several locations including the capital New Delhi. The group was planning to undertake terrorist attacks at vital...

Among Us: This online multiplayer game is gaining massive popularity

Among Us is one of the biggest hits in the mobile gaming world right now. The online multiplayer game was the 9th most downloaded mobile game of August worldwide, according to the latest estimates from Sensor Tower. As of this writing, it h...

Incidents of violence against health workers declined dramatically after ordinance: Health Min

A dramatic decline in the number of incidents of violence against health workers has been witnessed in the country after an ordinance was brought, making such activities a non-bailable offence, Health Minister Harsh Vardhan informed the Raj...

COVID-19: Most homemade masks block large cough droplets, even as single layer, says study

Scientists examined the effectiveness of common household fabrics used in homemade masks in blocking droplets generated by coughing and sneezing, and have found that they are considerably protective even as a single layer. While earlier stu...

Give Feedback