The Financial Times is carrying a report which contains this graph:
It’s based on an excellent underlying report from Corruption Watch, which contains many such graphs, looking at money laundering and other sins, in which the same basic pattern repeats.
Americans have for years been outraged by the fact that so many of their financial criminals and ne’er-do-wells have got off the hook — but almost none of them are aware of how much worse Britain is. It’s sometimes hard to see beyond Meghan Markle and the princes.
My “London Loophole” chapter in the Finance Curse book explores this in detail – and it agrees exactly, precisely with the new Corruption Watch report. It contains this, for example:
The chapter shows how the City of London’s See-No-Evil role as the world’s greatest hub for handling dirty and corrupt and stolen money is intimately related to the City of London’s outsized See-No-Evil role in generating financial instability risks ahead of the global financial crisis.
This Corruption Watch report complements the chapter perfectly.
PS none of this is should let other countries – for example European countries, like Germany – off the dirty-money hook.
“I am convinced the cover-up goes right up to Cabinet level. And to the top of the City.”
– Anthony Stansfeld, Thames Valley Police and Crime Commissioner
“If I asked what is the most corrupt place on Earth, you might say it’s Afghanistan, maybe Greece, Nigeria, the south of Italy. I would say it is the UK. It’s not UK bureaucracy, police, or politics, but what is corrupt is the financial capital.”
– Roberto Saviano, anti-Mafia journalist, 2016