Report Finds UK Playing Catch-Up Over Dirty Russian Money

Law360, London (July 22, 2020, 12:31 PM BST) -- The U.K. will have to work hard to limit damage caused by opening its doors to Russian money, a parliamentary committee has said as it published a report that found the government has not done enough to query the source of illicit cash being laundered in London.

The Intelligence and Security Committee referred in a frank assessment on Tuesday to the London 'laundromat' and pointed out that the capital had been described as Londongrad — a pointed reference to the illicit Russian money circulating in the city.

The cross-bench committee said the British government has welcomed oligarchs and their money in the...

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