How to Hide A Million Pounds | Downstream

If you had millions of of ill gotten pounds, dollars or rubles you would need to find a way of hiding where it came from and the very fact that it's yours in the first place. It turns out that the place in the world best suited to provide this service is the UK. Oligarchs from all over the world use British financial services, overseas territories and even tube stations to hide their wealth.
To discuss this, Ash Sarkar meet Oliver Bullough, author of "Butler to the World: The book the oligarchs don’t want you to read - how Britain became the servant of tycoons, tax dodgers, kleptocrats and criminals"
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[@alfiecdyson]

Get Oliver and Gary Stevenson in a room together please

[@sichambers9011]

Yeah, this would excellent! They make great companion videos

[@LisaBrady]

That would be so impressive to get a Collection of this year’s Downstream Guests sort of Like Question Time Without The BBC ❤🎉

[@Listlesscheese]

Oliver Bullough and Novara, this is going to be great.

[@s.p.6797]

I love my Tysky episodes for news, but Downstream is rapidly becoming a my favourite. Fantastic work, Thanks. .

[@henryjohnfacey8213]

Absolutely right. Greetings from Yorkshire.

[@72rmboyd]

This is by far one of my favourite interviews, confirming what we all knew, and it really explains why they needed to shut Jeremy Corbyn down.

[@Andyreally]

💯

[@7dtdfil730]

And why they needed breggsh!t...

[@jonb5493]

No, Jezz would have done very little to fix this. To his credit, and that of his erstwhile roomie Tony Blair, they both did advocate Land Value Tax, which would solve the problem of oligarchs dodging stamp duty, and many other problems besides. But London real estate is a vanishingly small proportion of the huge rev streams that this very good prez talks about.

[@lisaglaze250]

It always amazes me that bodies responsible to monitor fraud , adherence to regulations etc are working on a shoestring when they obviously could be extremely profitable if they were doing it well

[@seanpol9863]

Who provides the funding? Who makes the laws? It really shouldn't be so surprising they are working on a shoestring. The corruption appears to be coming from the top.

[@137Rita]

A fascinating conversation. Thank you both.

[@TheInternetIsDeadToMe]

Such a great conversation. Really appreciate your work guys.

[@darkangel686868]

This has to be one of the best interviews by Novara media ❤

[@georgeloizou1090]

Brilliant! By far and away the most impressive and informative interview I have seen on Novara…Ash is superb…Oliver Bullough so impressive

[@Russellsouthey]

Fantastic work Ash! Well done. Informative and entertaining..

[@121evans]

This is what destroyed the country, dirty foreign money pushed the Londoners out of the city, simply because they can’t afford it any longer. ....all the big expensive properties are empty in the hart of London ....just secured assets. Unfortunately that makes the locals life more expensive and difficult to flourish.😢 Your reply should have been I know the ropes.... I just don’t have the billions to do it😮

[@PurityVendetta]

Now there's good content and there's excellent content. This is most definitely the latter. I need to watch this several times to allow the details to soak in and also try to pick up the books mentioned. All I need them is lots of dodgy money... 😳

[@lizhughes2852]

Fantastic convo and then I find out he's Welsh too! 🥰 Diolch! X x

[@jesuisjamaiscontent]

Yes Oliver, it was brilliant, and in addition educational and compelling viewing. Thank you, and thank you Ash for your interview skills.

[@stevenredpath9332]

The UK government is great at taxing earnings (especially wages) but is poor at taxing wealth and it’s not by error. Just ask the dukes of Westminster.

[@treyquattro]

fantastic interview. This is a subject that needs much more light shining on it. To my eye, modern Britain has devolved into an ineluctably corrupt second-rate nation that is for sale to international criminals and oligarchs (often one and the same), peddled by the same people who are supposed to be representing its citizens. Everything that has happened with Tory sleaze that came to light during the Johnson era, with Cambridge Analytica before that, and with Paradise papers etc., etc. going back way before that, just shows what "Global Britain" really is - a hollowed-out extractive ex-empire that is being run (and run down) for its ruling class and international billionaires only while everyone else is being turned into not just a second-class citizen, but a serf. It's not so much Singapore-on-Thames as Zimbabwe-on-Thames. Is it ever going to be cleaned up? Not in my lifetime, I doubt. Great work by Ash specifically and Novara generally, but the people really need to bring about the change at the top that is so sorely needed. France 1785 comes to mind...

[@abbush2921]

Second rate? Maybe few notches below that .

[@arlenehutchinson9259]

Hats off the best interview I've watched this year and I'm looking for the gentleman's books now. As a victim of the British education system and a citizen of a former colony this was fascinating. I hope you consider a documentary with images and sound bites it would be gripping. The reason why people feel so disconnected from reality is that they intuitively know something is wrong but can't put their finger on it.. it's why qanon breeds and the far right breeds and on the other side you have heat our homes and people throwing oil on world heritage, and the truth is being smothered by fantasy when it's much more meat and potatoes obvious. Thanks again

[@bernieburrows3731]

What has happened to our moral compass? Great interview... Just wish there was a future without the corruption that makes the world go round 🙄

[@stevenredpath9332]

Moral compass? This is an imperial state doing what an imperial state does. LOOTING!

[@ninelaivz4334]

Are you serious? Moral compass? It never existed. The British Empire was what is happening now but on steroids; It bled India dry and it was China's drug dealer.

[@stevenredpath9332]

@@ninelaivz4334 the British empire moral compass lead to them fighting 2 wars about opium, on the side of the British traders supplying opium dealers of course.

[@kennethrollo7891]

What happened to it🤣🤣 it was never there in the first place.

[@walidb123]

This man is a fabulous communicator. Looking forward to reading his book

[@bec_r_r]

I don’t want to put a jinx on your show but Friendly Jordies in Australia did a video about money laundering. The video was taken down and the Gambling lobby have called him contempt of court plus plus plus someone firebombed his house twice, well once was a mistake they got the neighbours house. Apparently the court put his address in court documents plus our media flashed his address everywhere. I’ll watch the video for sure before the s**t hits the fan. I just hope your society is more egalitarian than ours where gambling is concerned. Btw gambling is a big problem in Australia if you didn’t notice. Lol

[@137Rita]

I lived in Australia for 20 years and know how powerful the gambling lobby is in politics. But here in the UK ( as Bullough says in his book) it is the world centre for dirty money - from crime, corrupt politicians or wherever) to be processed. We also have all these offshore banking centres like the Cayman Islands....

[@ljt3084]

Thanks for sharing this. I had no idea.

[@bec_r_r]

After watching yes I am naive as to what actually goes on but still don't know how money is actually laundered. If we were told that we all could get on board. Wouldn't it be great as an employee if you could start a company and submit invoices then have your wages paid into that via an offshore country thereby avoiding tax. Although a form of that happens when people come to Australia from particularly the UK work thru an agency, as I understand it, this practice may not happen now idk, but they would be paid via an offshore country thereby paying less tax than what they would had they paid Australian tax rates. Everyone is on some rort or other.

[@robertmaitland09]

Illuminating yet utterly depressing living the cheap life.

[@PortilloMoment]

Many thanks for that. Absorbing and informative.

[@antony558]

I went into this preparing to be thoroughly bored but sat fascinated and fully engaged for an hour and ten minutes! Brilliant interview 💛

[@russellbrown8760]

Please can you start adding a bibliography? You mentioned at least 4 books in the episode that sounds like things I'd like to read.

[@bernieburrows3731]

Read the transcript, that's how I do it

[@nickedbrooke2845]

Fantastic to see Greame Swann branch out into investigative journalism after his cricket career. (In seriousness, great interview Ash and Novara).

[@xxPenjoxx]

A lot of this went over my head, and yet I've heard the term 'offshore account' bandied about all the time. How do we get more people to talk about and understand this?

[@ArshadBaksh1085]

Try this guy @garyseconomics

[@peterbradley6580]

Excellent discussion.

[@patmcdonagh8939]

Excellent interview, will pick up Oliver B’s book as soon as, brilliant

[@laluba3603]

An interesting brilliant conversation. This needs to be shared, and I think I need that book...

[@AcidOllie]

This was really interesting to listen to. Great episode.

[@katiemarshall4340]

Hell yeah, that was awesome. Damned pissed off that I missed the premier though, effing health failing me again. I'll be in 14hrs 40 minutes to chat to anyone that's early.

[@john_hunter_]

Can you do a video series with Oliver that teaches us how to avoid paying taxes legally?

[@WGK90]

He told you, have 10s of Millions....

[@investigatelife8281]

Brilliant...thanks guys

[@vercingetorix1557]

Fantastic and informative episode, a must watch. 👏

[@nickcraggs7478]

Facinating - Definitely going to be reading Oliver next.

[@craigfowler7098]

What a fascinating interview about how the world really works.

[@JohnWesleyBarker]

Brilliant - thank you - should, MUST be seen widely.

[@mentality-monster]

Great interview, thanks to both.

[@themarksmith]

Interesting stuff!

[@mariecrowe8843]

Totally illuminating

[@Madasin_Paine]

Well done!

[@ivanlondon]

Fascinating. I don't know how he became friend with that lawyer though??

[@valq10]

People are just people man

[@smilingmrj2019]

Great chat, keep it up folks

[@JH-qk8tj]

Baron of Hampton and Siberia actually 37:18

[@clareowen2047]

I am struggling to see what is ‘Great’ about Britain- it’s ‘great’ if you want to launder/shelter your wealth, and have a Tory Govt that will help you in your ‘endeavours’

[@paddyskate]

Great content but quite unevenly micd ash was far louder

[@mjc01]

Superb. Thank you.

[@c.h.1672]

He's got Hugh Grant vibes

[@BubblegumCreepydoll]

Just found this channel. Very interesting and entertaining. Kinda like a high class tabloid. Greeting from the USA 🙌🏼💙❤️

[@edwardsexby3402]

As a Cornishman, I'm getting a real urge to get together a pirate crew and ship to go and rob and sink all these luxury yachts. In Mineccraft, obviously. Anyone up for it?

[@funhousebaby3104]

I'm game. I suppose being Scottish gives me a slight head start (why are pirates voices Scottish accents btw? 😂) so I can do the whole pirate 'aye' and 'ye' thing rather authentically. I'm also pretty quick to go through someone with a cleaver whilst pissed on rum 😉 :On Minecraft obviously

[@dovic86]

great shirt

[@d-5037]

Thanks

[@gregprocter765]

Without watching this assume it to be quite easy with the right contacts and legal loopholes.

[@LisaBrady]

Love That Woman ❤A Great Downstream Ash always Asks what we want to Know Happy New Year all at NM my favourite 🤩 Source of News Thank you all Short of Cash but My Gratitude is Genuine Micheal,Aaron, Ash,Moyà and all of the Hidden people the Cogs ⚙️ and Guests !

[@d.b.cooper1]

Amazing how Switzerland had the dirty money label for so long when London is literally the hub. Didn't even go to uni in London but had a lot of mates who did, met far too many rich kids of 'polticans' from certain countries living their best life. The wealth on display is inane, not even talking about the Arab boy racers who are legit, go out to the gated communities.

[@gingerssmelllikecabbageand8708]

This just makes me want to get into fraud, at least I’d have a good standard of living

[@cheekyboy5000]

Increasingly looks like the only viable option for making ends meet! If you can't beat em...

[@PortilloMoment]

@@cheekyboy5000 Effective Police numbers are down to critically low levels...

[@statuschange6718]

We are so corrupt, should outlaw off shore use, any transfers to uk bank after set date are confiscated

[@user-mc4fs6jc7w]

Malvern College is also here in China.

[@iomproirbais]

Is that "The Golden Bough" on the shelf by JG Frazer? Interesting choice...

[@paulineliste4545]

This interview is not too bad, but I do think it’s been made light of , that this is what goes on in this world. Where as the real issue here is that the British parliament allows this money laundering and tax havens that operate within the the City of London, and when you put all the dots together you see that governments of the “USA , Canada, Australia and New Zealand are part of the crime scene.. money laundering in these countries is rampant… and it all ends up protected by the banks of London…. Where does this leave the ordinary citizen? What is evident is that wealth stolen from countries never returns , impoverishment leaves the citizens who created the wealth without adequate means to free themselves from this slavery…

[@kieranhughes]

Big fan, except for the volume discrepency in this. Could barely hear Oliver compared with Ash. Maybe it's a frequency thing, but I'm only 35. Keep up the good work. If you can, help out the likes of me with the audio a bit.

[@LisaBrady]

He loves the Game of Thrones 😂

[@simonorr594]

I got thrown in jail in Equatorial Guinea for not having the correct visa. It used to be the worst country in Africa, and it still amazes me that they now have enough money to launder in London!

[@tiagomestre8487]

this is the real reason brexit happened

[@IkeSpeaksUp]

This guy has the side profile of prometheus, legit.

[@mariahelizabeth_ent]

I loved this entire video, and don’t take this criticism as me jibing against it, but I will snape around 17 minutes when he insinuates that African government officials (from Africa) aren’t smart, privy, or motivated enough to open their own shell companies, and have kept and benefited (meagerly, as may be) from old left over accounts and operations for the convenience, when he also says in the beginning how easy it is to create one. I doubt a sincerely altruistic, basic-business educated, African man who’d run “democratically”, but without the backing of Britain as a proxy leader -a shell himself- would get far before being threatened with his life or the lives of his family before he was allowed to win (fairly im saying) just to establish his own Shell companies and say, sell African resources to Britain and get the money right back. I always grow weary when a researcher (especially British) quietly downplays the loud, obnoxious, widely held, and deeply western idea that this diabolical thing the proletariat may not know is hidden from anyone entering politics. I’m not saying one should get into government to exploit the resources of his nation; he could horde the resources and drive up the price several times on the backend, to give his nation a head-start, before allowing free market trade. It’s the stressfully kept secret of anyone studying this stuff- why we get into this stuff, and I t’s only briefly flirted with, brushed up against, and glanced at in this talk but I caught it here. Even here, protecting the economic from the socio in this pathological obtrusive and intrusive racism that’s barely explained away before it’s ignored. Well I’ve seen smart people become victims of the system they benefit off of everyday (in college, at work, even in their homes) and, before they know it, are kings and queens of mediocrity while a corporation sits back, fed by the hasty headiness of a native colored scapegoat who sold out to survive a long time ago. But yeah maybe they don’t know they could set up their own shell companies …maybe they know what’s good for them🙃🥵 okay I’m done. No comments please I just been wanting to get this off my chest. I have so much to say.

[@conormcelroy1898]

Dame Margaret Hodge - "the Barking Yenta" (thanks prof Norman Finkelsteim)

[@extramild1]

In fairness if you are a rock in the middle of the ocean with no little resources what else are you going to sell except tax dodging.

[@garyburchgb]

I suppose it boils down to the vast diversity of the human animal. Highly hypocritical, morally flexible and passionate enough to commit suicide for a belief. The range and intensity is so great that nobody will ever control it.

[@laurencebryant6326]

The British empire is now called the commonwealth. So in this way it still exists.

[@Juan-ud3if]

Social Media is proving to be the reviving source of an uplifting of humanitarian values for the World. Let's hope the corrupt will realize how their hurting fellow human beings,all of humanity and the planet. Doing good for the masses, not just giving them charity, but giving them a system that give's them a respectable, decent life that's their right.

[@GlennLeinster]

Great video;-) well done you 2, just brilliant

[@Juan-ud3if]

Just stop corruption and decide the limit to how much one person should be allowed to own. It's that simple to change the equation. Here's hoping no honest Social media person will be attracted to the corrupt side.

[@Juan-ud3if]

Do'nt glorify the corrupt. The favour would'nt be required if the masses had their rights. The World would be such a better place without corruption and deathly inequality.

[@onderozcan985]

i have real difficulty to understand it because if you are a legit foreign business person in the UK, it takes a couple of months to open a basic bank account. Forget about the money bouncing around :) i am not entirely sure if this money laundering works that easy unless there is a helping hand

[@kennethrollo7891]

Obviously don't have enough money. 🙄

[@grammerskoolboy]

very interesting fellow...was wondering lf he knew Matt Taibbi in his Russian early days...now that would be interesting in the current twitter drops...

[@stephencunningham6557]

He's wrong on Putin, right on the money!

[@TheGreatJon]

He covered some interesting points, but his enjoyment of the company of a defamation lawyer AND Margaret Hodge? Man, this guy got disappointing quickly.

[@allwrighty100]

He's a posh, well-connected rich kid gone rogue.

[@lennoxbaumbach390]

And I think that's hella cool.

[@julianshepherd2038]

Who? Karl Marx?

[@121evans]

What about thanking him for opening your eyes, and fighting for decency, exposing the system? If he’s posh and well connected rich kid as you said and doing that he has my respect as he’s going out of his comfort zone, and circle. He haven’t gone rogue, but you mean he’s decent.

[@chezmoi42]

@@121evans Being decent _is_ 'going rogue' for a posh, well-connected rich kid, as I understand the OP.

[@allwrighty100]

@@chezmoi42 Correct

[@7ookee]

Countries with zeds in them......what does this mean?

[@jami7772]

Kazakhstan, Azerbaijan and Kyrgyzstan

[@gpan62]

First, get a billion pounds...

[@TheZooBrooksAB]

Anyone who believes that money laundering is a bad thing is someone who believes that taxation isn't theft. So, delusional people.

[@jgmediting7770]

Yes, let’s have an exploitative economic system and money laundering. Great for ordinary working people,

[@TheZooBrooksAB]

@@jgmediting7770 absolutely it is. the concept of a person keeping their money is only logical. Oh, and....what makes you think the economic system we have now isn't exploitative?

[@lawsonspedding6136]

Ash “I’m a communist” Sarkar, really ? Says a woman with lots of money ! And wants lots more !

[@jgmediting7770]

Learn what words mean.

[@mrkiplingreallywasanexceed8311]

I m stopping after 3 and a quarter minutes simply because of this: in summary, we are, probably wisely (if indeed that description can be validly applied to any aspects of money laundering) told - in spite of the first question being with regards to avoiding tax - with a guiding, correctional nod to the interviewer, that the MAIN thing to start with is necessarily of greater import even than tax evasion - namely not getting caught in the first place. Along with - as we are told in the intro - the assumption that this man is not, in fact, involved in laundering (I'll come back to that) and that his advice is therefore, supposedly, sound - well this is for me already where it comes apart, for several reasons. The main reason I've stopped at this early moment - and someone please correct me if I am wrong - is that the summary of all the advice which would presumably unfurl in the ensuing hour is this. Naturally I paraphrase but it seemed to me to be "set up an empty partnership in Edinburgh and wrap it in a shell company registered in the BVI" which I use as a synecdoche, with BVI representing "a.n.y.other generic offshore territory"... Well woop-di-do. Who knew that's how you did it. Doh! I mean really? How many headlines have we in fact seen - even WITHOUT the benefit of the likes of Ed Snowdon suddenly getting religion? It's a great idea in theory and yet it's been shown time and again not to work - ultimately, there is ALWAYS a paper trail, you can NEVER TOTALLY erase it. THAT, in truth is why I do believe the man isn't involved - he knows it's far easier to be the sort of Wizard of Oz figure, rolling back the curtain to reveal the mysteries behind it to us mere peasants, rather than BEING the mystery behind the curtain himself. It's just like the plethora of charlatans on KZbin any one of which will be happy to flog you their "secrets" of how to successfully make money selling on Amazon. Just like I haven't been sucked in by them, neither am I wasting an hour of my life to watch this div gurgling on....

[@phillipcooze7668]

you got to agree everybody got to have a little tax free cash side-line . mine is charging my kids to take them to school .

[@alexanderromanov737]

Handelsblatt 29.11.2022 translated 30.11.2022 by CEO Romanov Private Bank This is how the EU wants to lure clearing away from London The EU Commission is increasing the pressure on financial firms to relocate their clearing business to the EU. Critics say the reform doesn't go far enough. The headquarters of the EU Commission hope that the financial centers within the European Union will be strengthened. Brussels The EU wants to reduce its dependency on the financial center London. For this reason, companies are to be obliged for the first time to settle part of their derivatives transactions in euros with clearing houses in the EU. This emerges from the draft of the revised EU regulation on market infrastructure (Emir), which is available to the Handelsblatt. According to the 84-page document, the reform aims to build up clearing capacity in the EU and thus increase liquidity in European clearing houses. The aim is to "reduce the risks to financial stability that arise from over-reliance on clearing houses in third countries and semi failed states". The Emir regulation was passed after the 2009 financial crisis to reduce the risks involved in derivatives trading. Since then, central clearing houses have had to process every transaction as intermediaries between buyers and sellers. In doing so, they assume the default risk of the business and increase transparency in the market. With the reform, the Commission is reacting to the changed situation after Brexit. The majority of euro clearing continues to be handled by the London market leader LCH - and thus outside Brussels' sphere of influence. EU Finance Commissioner Mairead McGuinness fears that she will not have access to systemically important institutions in the event of another London crisis similar to the Truss Kwarteng disaster of 2022. TOPICS OF THE ARTICLE Brexit, Financial mismanagement in the UK, European Union financial security. >> Read here: EU Finance Commissioner McGuinness talks about clearing in an interview with the Handelsblatt According to the draft, in future all market participants will have to keep an active account for certain systemic products with a clearing house in the EU. These include interest rate derivatives in euros and zloty as well as credit default swaps (CDS) and futures in euros. According to the EU Commission, around 60 percent of European clearing users currently have an account for interest rate derivatives with an EU clearing house. Around 85 percent have one for CDS transactions. Clearing firms were in favor of London but now favour several EU cities. Esma, the Securities and Exchange Commission, is to develop details of the accounts. The agency will also be given new powers to oversee clearing houses to manage the additional risks posed by the urgent move from London. European banks are obliged to inform their customers that they can also process certain contracts with an EU provider. Likewise, all clearing activities in third countries must be reported to the supervisory authority and all London deals are to be closely monitored . The requirements for clearing providers, on the other hand, are to be reduced. According to the draft, the approval procedures for new products are “unnecessarily long and tedious”. This makes it difficult for companies to attract new business from abroad. Therefore, in future they should be allowed to offer certain products without prior authorization. The draft says that the simplification of the processes would reduce costs. Overall, clearing would become “more efficient”. However, many companies support this. They now argue that the London location offers a greater risk and therefore the highest costs and insurance premiums. Market fragmentation across Europe, on the other hand, would dramaticcally decrease costs for everyone in the banking world and therefore encourage trade from the US and far east to join the ever growing EU market. For other critics, the reform does not go far enough. "It is questionable whether the new measures alone are sufficient to break London's supremacy in euro clearing," said CSU MEP Markus Ferber. When presenting its proposal next week, the Commission must send an “unmistakable signal” to the market “that 2025 will definitely end euro clearing in London”. Until then, the exception that allows EU companies to do business in London will still reluctantly apply. More: Commission wants to force companies to clear in the EU

[@Madasin_Paine]

Well done!