London 'effectively the world capital of money laundering'

[Cathaze Blue]

How we like to read about corruption in countries like Russia, India, China and pretty much everywhere else in the world.

But the biggest (usually suspect) Billions with a capital B are being syphoned into the English Capital's housing market. On our own doorstep.

And no one is willing to do a thing about it. Why? Because the smart people go where the money is...and that is helping the money launderers to clean their muddy cash.

It stinks on so many levels that I despair.

[seethatbluebirdfly]

By coincidence, I just finished reading an article on medium.com by Nafeez Ahmed called " Death, Drugs and HSBC"
It's a lengthy read but ties in nicely with this thread. To sum up, HSBC have basically been illegally applying debt recovery charges to consumers. A whistleblower highlighted this, but , because of the structure of HSBC's ownership, the story has been prevented from being aired.
If HSBC were to be prosecuted up to 600,000 customers would be entitled to compensation averaging £1500 per customer.

[Jimmy Jimmy]

I dont think it was just them doing it.

Cant remember the program - but it had a couple of banks - who effectively stopping over drafts to profitable companies - so they had top cease trading and close - and then another company (owned by the same bank) would turn up on their doorstep and offer to buy the company for peanuts.

all a bunch of w@nkers - if there was a proper co-op bank I would put my money there - although I dont exactly trust the Crystal Methodist either

[Observer]

I think it's fair to say that there has been corruption going on in the City of London since at least 1066.

[seethatbluebirdfly]

I think it's fair to say that there has been corruption going on in the City of London since at least 1066.

I say even the likes of private Eye, should be "especially".

[BlueWales]

I'm delighted we've caught up with the Swiss.