BREAKING NEWS

UK promises to crack down on assets of corrupt oligarchs

By REUTERS

FEBRUARY 3, 2018 13:49

LONDON - Britain will use new powers to seize the assets of foreign criminals and corrupt politicians, The Times newspaper reported on Saturday quoting the security minister.

Investors from Russia, China and the Middle East have poured billions into London, buying everything from luxury properties to entire companies, but the provenance of some of those funds has been questioned by transparency campaigners.

It is unclear how much money is laundered through Britain, but the National Crime Agency has said calculations of between 36 billion pounds ($50.83 billion) and 90 billion pounds ($127.08 billion) are "a significant underestimate."

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