The Dirty Money Capital of The World?

[@PBoyle]

Thanks to our growing list of Patreon Sponsors and Channel Members for supporting the channel. www.patreon.com/PatrickBoyleOnFinance : Marc De Mesel, Nate Stapleton,Timothy Baird, WIlam, Hernan Merino, Random Encounter, Nieuwsbrief Ikwil, Bee Positive Consulting, hyunjung Kim, John Cadena, Ian Tracey, Callum McLean, Oscar, Simon Pena, Ed, Pavle Obradovic, Erik Van Ekelenburg, David O'Connor, Pjotr Bekkering, Alex, Robert W Proudfoot, Robert Muller, Andre Michel, Ivan Iliev, Gopaljee Atulya, Mark Hooker, Artem Vasenin, P H, Sebastian, Michal Lacko, Peter Bočan, Michael Pierce, V Jordan, Gil, HalfwitHam, Mark Brophy, Patrick T, David Urdenata, Juan Valdez, Bruce Roberts, Chad Norman, Bruce Roberts, Shamikh Rana, Friday Guy, Marc De Mesel, Augusto Ramos, Soy Boomer Doomer, Bob Slartabartfast, Robert Feiler, Camil Dbouk, Erik Montesinos, Matthew Loos, Az Indragiri, Aman Bali, Lautaro Parada, Pratap, Deborah Joseph, Robin Sung, Kurt Johnston, Dominik Auerbach, Gurmeet Kaushal, John Hall, Dara Mo, Josef Goergen, Wilbert Cheng, Daniel Talero, Jaroslav Tupý, Trevor Lucey JB Weld, Alex, Carlos Figuera, Peter Pomelov, Null065, Rick Thor, MeBerzerk, Henry Nguyen, Sola F, The Collier, Carlos Mejia, J Wadia, Bitcoin OG, easy boekhouding, Albert, Eugene Jung, Daniel Cervini, Jonathon Yong, Iris Ji, Emil Nicolaie Perhinschi, Charles, Eli Auto, Excks, Michael Li, Par Hedman, Praveen Mishra, Gerard Scott, joel köykkä, Areeb Ahmed, David Wang, Yazan Qaraqish, Rodolfo Cornetti, Daniel Winroth, johnny, Nick Jerrat, Chris Houston, Alastair Currie, Robert Griffin, Andrei, zizi Golo, Fab Vida, Constantin Petrenco, pawel irisik, NotAScam, James Halliday, 22 Dust, Carsten Baukrowitz, Heinrich, Arron T, Ben Brown, Stephen Mortimer (to The Moon), Ryan B. 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[@RagingShrimp67]

@Patrick Boyle What is your opinion about the HSBC drug cartel laundering case?

[@jetnavigator]

Good old Patrick. Rich Russians are "oligarchs", the rest from the west are plain old honest "billionaires".

[@RagingShrimp67]

@@jetnavigator That's because in the west the president doesn't put you in jail until you sell your bank and oil companies to his friends for pennies.

[@doncorleonegodpadre8587]

This is 24 minutes of avoiding saying the UK is the most corrupt country in the world. And even using foreign accents as one excuse, that came out of the ukip racist playbook.

[@liquiditywso9808]

Hey where did your hair go?

[@MrZoomZone]

As a british peasant I get scruitinised for money laundering when I open accounts. Meanwhile the rich foreign money buys all the priviledge it desires.

[@maxwellderpin8477]

You should have thought about that before becoming a peasant.

[@AustinSydney-s4v]

And, that's why one should stay in their LANE! smh

[@rykehuss3435]

bri'ish

[@layersoftheonion8168]

As usual it’s always us little people who get fucked.

[@AC-id5ow]

The sad thing is the UK isn’t a decentralised country. London is often the only place for many careers. The affect money laundering has on ordinary workers is detrimental, even to those on very high salaries.

[@Adam-tp8py]

Absolutely true. I'm 24, I earn 6 figures, this seems impressive on the surface. My grandfather was a labourer for Ford and was able to feed 8 kids, a wife, and buy a new house before his passing in just four years in the mid 70s. If I wanted to buy this house, I'd have to save nearly every penny I earn for 10+ years.

[@vanhuvanhuvese2738]

so if laws are made to stop these criminals UK will go down?

[@forsdykemontague1017]

@@Adam-tp8py True, the cost of accommodation in London is now ridiculous. I’m guessing you’re from Essex?? I sold my 2 bed flat on the Isle of Dogs and bought a 4 bed house in Billericay, but even prices there have skyrocketed because people are moving out of London. My neighbours in Billericay, who bought decades before me, have modest jobs with modest incomes but their children are screwed.

[@brad5426]

In the midst of a housing crisis this tolerance of empty houses is absolutely criminal. Thank you for covering this major issue Patrick.

[@ZeteticPhilosopher]

A dozen quarter billion dollar homes are not going to solve the housing crisis lol. The actual crime here is, uh, the very real crime of money laundering.

[@DavidSLesperance]

Few people looking for housing in London would be buying on Bishops Ave or 1 Hyde Park. The housing crisis is the result of a) lack of financial incentives for developers to develop affordable housing; b) restrictive development rules; and c) "Not in my Backyard" complaints by existing homeowners to affordable housing in their neighbourhoods.

[@brad5426]

@@DavidSLesperance I was not talking about the houses on Bishops Avenue only, but the vast thousands of empty houses in this city. "Not in my backyard" is hardly a anti-build hurdle as London and bordering counties are being showered with high rise residential vacants that do not respect low rise neighbourhoods when this country demands affordable housing and less high rises, so it amazes me someone would protest non-affordable housing.

[@thyowen]

its maddening how many people have to travel in for work, just to be surrounded by so many empty buildings. so wasteful!

[@abatesnz]

Housing is private property, not social housing, communist.

[@maestrovso]

This is pure gold on a subject that has been seeing very little reporting, let alone in such great depth and breadth. Thank you Patrick with such great presentation as always. I never miss an episode of your videos. You put shames to most financial media for how pitiful jobs they do. Financial Times did one recently on this subject.

[@ThePoliticalLambaster1]

There is a documetary on netflix called The Spiders Web: Britains Second Empire. That goes further to expose the elitist behavoir and how they're rinsing the treasury, along with tax avoidance and corrupted financial practise

[@entropyachieved750]

Rapidly becoming one of my favourite channel. When you use a little humour in the analysis the channel becomes priceless

[@pavlovoronych7404]

He’s the best. I’m hooked on Patrick’s vids for a good year

[@m1llie_]

In an age where content consumption is increasingly geared toward the idea that people don't have an attention span any more, with apps like Instagram and TikTok making fortunes out of short-form content, and KZbin copying them with "shorts", it says a lot about the quality of your content that you can consistently keep people interested and engaged through 20+ minutes of little more than you sitting in front of a camera talking calmly about finance and economics. I hope you overtake and outlast every single prank channel and lifestyle vlogger on this entire platform.

[@RightSideNews]

Well said

[@niedas3426]

i have adhd which makes it even more difficult to concentrate on long form videos (when I'm not on meds at least), but there are some youtubers that manage to make videos that just hook me with their storytelling and editing. This channel definitely is one of them.

[@RagingShrimp67]

I bet channel demographics are biased towards 30 or older.

[@Jinsun202]

The fact that you think 20 minutes is long shows how bad the situation is.

[@m1llie_]

@@Jinsun202 I never said it was long, but if the point of comparison is the average KZbin video then it is definitely long compared to that, and certainly a long time to hold on what is essentially one shot of a person talking to the camera with a few image inserts here and there. Even news broadcasts cut between studio, location, and other relevant footage. It's also worth noting that once you cut out time for ad breaks, most traditional broadcast television shows (for 30min time slots) are about 20mins. Excluding feature films, 20 minutes + ads has probably been the "standard" for video content length for the better half of a century.

[@AutomotiveEvangelist]

As an American living in the UK, I can tell you that this has been extraordinarily damaging to UK citizens. The primary result of all these foreigners buying property in London (and elsewhere) is that even mediocre properties are inflated beyond the reach of all but the wealthiest Brits. I live in Henley-on-Thames, a wealthy town about 35 miles west of London. Not a day goes by when literally 10% of the conversations that I hear walking down the street, are in Russian. And 1,500 sq foot homes sell for £1 Million or more in most parts of town.

[@jemiez9383]

Thats what happen when the governments around the world created the so-called Golden Visa or Investors Visa for ultra and high net worth individuals/family. Just thrown some millions for the investment and youre good to stay or even get citizenship. I believed in UK it was called as Tier 1 visa and Green Card for The US. And we all knows from which 2 countries that dominated the application for this kind of visa. Its the Russian and the Chinese😂

[@inbuckswetrust7357]

@@jemiez9383 behind these names lies the purchase of stolen goods and the shelter of thieves, murderers and rapists. This is a centuries-old practice in Britain.

[@jobeblogs4539]

The biggest stock wins I've made in UK markets have been from companies who have strong connections to Parliament or other governments and the City of London. I look for it in my research now!!

[@shaunoconnell9506]

Tried that in Austrália. Most gov linked companies are private with ties back to London.

[@duellingscarguevara]

England swings like a pendulum do. Bobbies on bicycles 2x2.

[@Papawcanner]

Being raised in Chicago I can spot a money laundry operation from a block away . The small western Tennessee city I live had an obvious scheme in failed real estate and restaurants going on a few years back . When I explained this to locals they thought I was crazy and dismissed the assertion . Oh well

[@supertuscans9512]

How does a failed development that loses money, launder money? I’m really curious to know how you concluded this.

[@D3xterJettster]

Losses can be written off in taxes

[@tenyriakteny3803]

@@supertuscans9512it’s not about the losses, but the total amount of money that makes into the system. If you manage to buy property for 10m and it loses 1m, you’ve still managed to get 9m into the system and can take it out as you see fit. It is now seen as legitimate capital.

[@ruthradford2187]

Thanks! So glad I found your channel, I've learned a lot, had a few good laughs, and continue to decrypt the hidden meaning of your 'office' decor.

[@PBoyle]

Thanks Ruth!

[@kmdsummon]

I am pretty sure that UK government did this not because government didn’t expect dirty money to arrive in the country, but because they actually wanted dirty money to arrive into the country. Owners of those money spend them in UK, donate to charity, pay for education etc. This is a nice boost to economy by actually taking other countries wealth that was stolen and parking that wealth in the country. I think that was a great plan. Unfortunately, they are destroying that reputation..

[@0MoTheG]

They used to have to go and get the money, now it comes on it's own. Sounds like an improvement over colonialism.

[@Mojo-IRE]

Take this anecdote as you will - One of my trading mentors who spent years working in the heart of the square mile described it as "the biggest fuckin money laundering racket on the planet".

[@imt3206]

Yeah, is he British?

[@Mojo-IRE]

@@Black00200 Irish. Spent years trading in the City. Also traded on the NYMEX floor too for a while.

[@Confucius_Says...]

"The Heart of Darkness", so to speak...

[@brettharter143]

Square mile itself is also a private corporation LOL

[@domtweed7323]

London money laundering isn't "a big problem", it's the main sector of London's economy and (probably) Britain's main export.

[@ArcaneAnouki]

Secrecy jurisdictions. I wonder too, whether part of the motivation behind Operation Fish was to have a large store of capital within reach of the NYSX...

[@richteffekt]

And likely a key driver of demand for the British Pound.

[@domtweed7323]

@@richteffekt Exactly. That's how we fund the trade deficit

[@richteffekt]

@@domtweed7323 see! To think that some people argue Britain doesn't have a plan when clearly they know exactly just what they are doing.

[@domtweed7323]

@@richteffekt I never said the British political elite understood their economy 😂

[@chancerobinson5112]

How paradoxical that Russian Oligarchs wanted a “fair place” to store their money! “Behind every great fortune, there is a great crime.” - Honore’ de Balzac (1799 - 1850)

[@hannesproductions4302]

“Behind every great fortune, there is a great crime.” - Honore’ de Balzac - Mario Puzo

[@chancerobinson5112]

@@hannesproductions4302 Didn’t Mr Puzo (1920 - 1999) place that quote on the frontispiece to his novel, “The Godfather” about a century later?

[@hannesproductions4302]

@@chancerobinson5112 yeah. Mario Puzo starts the godfather with that but he's paraphrasing Balzac. The original Balzac quote is longer and with more context. „The secret of great fortunes without apparent cause is a crime forgotten, for it was properly done.“

[@farknfreakn9316]

@@hannesproductions4302 great answer

[@theondono]

Clearly Balzac was better at economics than Puzo 😂

[@benjamindover4337]

Kleptocracy, or as we call in the states, the banking industry.

[@gladlawson61]

I call russia that .....

[@lindsayk.7803]

Love your new set up! Also just wanted to thank you for your videos. I love how clearly you explain complex subjects.

[@PBoyle]

Thank you! It is a lot of fun making them, and hopefully I will continue to improve.

[@Tom_Bee_]

@@PBoyle you've certainly improved over time, in my estimation.

[@cecilia00960]

I didn't know that, poor Rushdie! Forced to live in hiding in such a place. What a horrible experience.

[@rhetoric5173]

Ah yes puts his suffering while hiding into an entirely new perspective

[@stevemanjowski6055]

Fantastic video for the most part, however I'd argue the Heritage Foundation is a less than stellar source to cite. The foundation has repeatedly lobbied for the dismantlement or mismanagement of US financial regulators and then points to that mismanagement/dismantling to be a reason for further de-regulation. In short it's an engineered self fulfilling prophecy.

[@Idontbelievethehype2]

Lots of great information! It's always great to watch your timely and well presented videos.

[@qwerty69600]

The noone is home basically describes the entirety of London's ultra exlusive areas. Walk around the residential streets of Mayfair of a weekend and it's like a ghost town. You can hardly spot any building that appears to have living souls in it.

[@danielschein6845]

When I hear about empty apartment buildings the thing that comes to mind before money laundering is real estate bubble. Real estate is meant to be occupied and used. Something is off when it sits vacant and there is no attempt to sell or lease it. If I owned property in London a video like this would make me worry that a money laundering crackdown might spark a real estate crash.

[@Gus199lll]

One can only hope.

[@Gaz12360]

This was a wonderful, reasoned and informative video. I knew little chunks of this already from other reading and experience, so this helped me to feel pretty sure that the content of it was accurate. Very enjoyable.

[@anngran3858]

Agreed. People need to know how the international super rich secretly manipulate the law makers for their own ends. The video touches on how this costs ordinary folk at the banks. Add also escalating housing costs. It's a disgrace!

[@iversiafanatic]

This guys an actual professor of finance so he’s legit. It’s so hard to find credible people on KZbin now lol.

[@dannymactheatreoflife.1771]

I thought my own town with its 50 takeaways and 40 barber shops which all look exactly the same and virtually no customers in them was the money laundering epicentre of the world 😂

[@c.s1393]

It's hilarious how obvious those fronts are🤣🤣

[@Rizhiy13]

I think kicking out Russian money is more of a reputational damage problem. While the Russian share of total foreign money might be small, now every other shady person will think twice about storing money in the UK.

[@joefox9875]

It's good to be blind to nationality.

[@misium]

the shadiness of London finance will eventually backfire

[@tomaszklick1419]

@@misium How? That's just how capitalism works.

[@Jensth]

@@misium it already has. It rots the morale of the elite in the country. The political theatre going on presently is a downstream effect of corruption and dirty money.

[@j3i2i2yl7]

I guess there's a niche where an honerable reputation is a liability but a dishonerable reputation has to be spread one conversation at a time. There has to be a communication network for kleptocrats from all over the planet to know about the availability of a supervillian lair apartment complex in London.

[@moncorp1]

NYC has tons of high rises that sit mostly empty for just the same reason.

[@davidburke2697]

the city of London (financial district) is a privately owned city-state and the king needs permission to enter.....the power of banks is unchecked, worldwide

[@davidjma7226]

No MP in the City either. Hmmmmmm

[@paulpo540]

Utter old bullshit, so many videos debunking this crap

[@duellingscarguevara]

Very similar setup to Vatican City?. (the church has recalled all monies from worldwide banks, interestingly?).

[@datingandlifeadvicechannel7534]

City of london and canary wharf is owners by American corporations

[@AudioLemon]

Thank you very much for doing this. I wanted somebody to explain this to me for quite a while.

[@fredericperrin3279]

Great reporting. None of this will stop the Brits to lecture other countries with a tone of moral superiority.

[@williamhoffer9277]

Great presentation!

[@mandelbro777]

The biggest dirty secret of London and it's network of attached secrecy jurisdictions? The Royal Family own 2 of the 100 shares of the Bank of England through BoEN (Bank of England Nominees), and this allows the legal Right (only pertaining to an ownership stake in the central bank) to shield owners of assets passing into/through the British financial system. The only other entity to which this Right pertains, is the British Govt itself who retain the other 98 shares and who might shield owners for national security reasons. The justification for BoEN when the BoE was nationalized post-WWII, was so the British Sovereign could provide a shield for assets and transactions flowing through the British financial system to OTHER Sovereign entities (like the various Sheiks, etc...), but there's no way to know exactly what the Rights attached to BoEN, which allow for total secrecy, are actually used for, and to whom the privilege is actually extended; by definition, a shield is a shield. Add to this the fact that Westminster has no real jurisdiction over many British Crown dependencies (micro-nations acting as tax havens/secrecy jurisdictions, even though they have the full defense cover of the UK military and share a Sovereign), and you have the worlds largest super-dark money network which can shield and wash illicit assets of world kleptocrats and criminal underworld figures, and the Royal Family actually sit at the center of it. But this is all a 'conspiracy theory' ofc, because once per year, some hand picked puppet stands up in the House of Commons, asks a question of the Chancellor of the Exchequer regarding 'activity' within the BoEN account, and receives the exact same answer 'no activity has occurred in the account' - ie, no funds have passed through the account, and that's because the LEGAL RIGHT pertaining to an owner of a share/s in the central bank can be exercised at any time, to shield assets being questioned/investigated, anywhere in the British financial system, without a single penny actually flowing through the BoEN account itself. Thus, 'no activity', just an unprecedented privilege that can be exercised and never truly scrutinized. Everything in British financial regulation is a pantomime taking place in a veritable Potemkin village, but it's the best act on Earth if you want to witness the most rotten ladies of the night in town act like virtuous lamp wielding Virgins who 'set the ethical standards' for the rest of the world. It's quite something to understand London's true nature and to watch it continue to cast its spell on the world.

[@gswdeclan]

And the whole time the UK government was talking about its commitment to human rights, democracy, etc. Just shameful.

[@joelthomastr]

8:20 "London wasn't necessarily where money was laundered, but it was the airing cupboard where freshly laundered money was moved for storage." Fan. Tastic.

[@Sahaib3005]

Lol

[@m1ndfckd]

The book to read is *Treasure Islands*, which talks in depth about this situation.

[@p2p104]

Thx for the tip

[@vlnow]

Apartment complex at the start sounds like a luxury safe house resort for when rich people need to leave their own country in a hurry. Kinda like that hotel in John Wick

[@jb_makesgames2264]

Very interesting Video - new subscriber - I knew about the foreign money in London but not in the detail or scope you describe. We have a similar problem in Vancouver with Asian money buying large condo properties, some of which are sold only to non-Canadian residents!

[@scotttyson607]

The answer is simple. TAX THE HELL OUT OF THEM!

[@fabscams4136]

One of my favourite channels on KZbin - you are brilliant

[@divinewind88]

Could you do a video on Singapore in the future please. Thanks.

[@PiccadillyHangover]

The final sentence seems way off in terms of numbers: "According to the Economist, in 2020 foreigners held roughly 13 billion pounds of British assets. Russia's share of that was just 0.16%" That would make total Russian foreigners share of British assets to be 21 million pounds. So all Russian foreigners together hold only the equivalent of a single fancy penthouse in London?? Impossible.

[@robertwave612]

Thank you for the video Patrick!

[@khalidalali186]

Gotta love Huxley’s magnum opus adoring his desk. I’ve got the same exact copy of “Brave New World” myself.

[@dansheppard2965]

I'm reminded of a recent story here recently where a local charity came close to having to throw 21 people out onto the street because HSBC froze their accounts, after confusion over a money-laundering form. Contrasted to One Hyde Park, that's the other end of AML becoming a box-ticking exercise, isn't it?

[@kameokameo7125]

You speak with authority and nice elocution on very interesting subjects. Greetings frim Paris!

[@yanshi34]

Because the Heritage Foundation is such a reliable source of analysis /s

[@lolilollolilol7773]

I always knew that the City was a place for extensive money laundering, but I didn't know to which extent. Thank you for clearing that up.

[@cyrilio]

In the Trust office scene they call it ‘minimizing tax leakage’. The Dutch are king in this horrific tax evasion industry.

[@imt3206]

How? Could you elaborate?

[@MK-we9sw]

Spending millions at Harods with stolen money is insane.

[@datingandlifeadvicechannel7534]

😂😂

[@7177YT]

Solid overview. The City has been addicted to shady money forever and brexit made it worse. Cheers!

[@Johnconno]

'Last one on drugs is a Puff!' Yells Sunak.

[@zanychelly]

I haven’t participated on the bank heist, I just lent the robbers my house as safe Heaven while taking action to prevent any investigation or make it more difficult… I’m a crime facilitator? Yes if you are a regular Joe. No if you are the British govt

[@donlawson9214]

Luv your stuff SIR.

[@MorrisFilmPhoto]

Amazingly Great Reportage! ⭐️⭐️⭐️⭐️⭐️

[@SunShinepkg]

What does England really own, what natural resources? So they have to come up with a way to get Money ( Money Laundry Capital of the world and Education center of the world) , and take hold of other nations that have resources, that is it and make the best of it.

[@jedg4746]

Practically the whole of England is a coal field. Then we have natural gas and oil sea fields. Plus unlimited land fracking. But yet the gov want to close all these down to stop a trace gas in the atmosphere which responds to natural temperature variations. Norway is in the same situation as UK but these resources are the peoples resources not private companies.

[@BennysGamingLounge]

Patrick Boyle and probably History Matters are the two funniest KZbin channels on the platform

[@VincentHuijts]

Ah, the city of Laundron.

[@eamonndawson5329]

Brilliant, 👏 surprised you didn’t mention the impact of the pending EU legislation on Money Laundering that led to Brexit !! Or maybe that deserves a special edition 👍😉

[@eddieharris6004]

An eye opener....shows how awfull our "free" media, "respectable" democracy, and criminal justice system realy are.

[@nickm2400]

Always interesting, relevant information. Cheers from Australia 🇦🇺

[@Sailaboat]

Many thanks Patrick, appreciate your work.

[@camperkit]

The transparency imposed by the EU laws - the real origin of the Brexit idea.

[@TheMrFishnDucks]

Great video. Very informative. Keep up the good work.

[@curtisalex456]

oh boy, i might move back to London. So much deprivation and corruption.

[@midimusicforever]

Interesting point about putting the effort in police work rather than in clumsy regulations.

[@theproblemmustbeinyourpant5910]

Leaving this video on loop overnight to boost it on the algorithm. Good job mate.

[@bonwatcher]

The McLovin ID insert when talking about how real estate agents would find a lawyer to hide the identity of illegitimate buyers to purchase property was a work of art. Another Patrick Boyle informative video on the financial industry that doesn't fall short on being entertaining.

[@HelgiWaag]

13:00 "Obviously the majority of people who got visas to live in the UK under programs like will have made their money honestly..." That's the kind of humor that keeps me coming back to the channel.

[@DJ-Daz]

It was so dry I almost took it as real. I really did a double take.

[@magnetospin]

I don't think he was joking. That's likely true. Plenty of legitimately wealthy people from developing countries want UK citizenships in case things become unstable at home.

[@colmcoakley3916]

this video serves as one of the best explanations as to why British business and wealthy people of power / influence in the UK wanted BREXIT. The money practices engaged in London puts the "tax havens" of Ireland and Luxembourg in the haypenny place

[@denydeni144]

I think that was easy and did not require much effort. Majority of those who voted rem. have changed their mind because "it is fair". Yes, it might be, but rules are different, and easy to "adjust"...

[@lesdickson9765]

A book called Butler to the World by Oliver Bullough reveals how Britain came to assume its role as the centre of the offshore economy. It demonstrates how so many elements of modern Britain have been put at the service of the world's oligarchs and kleptocrats with disastrous global consequences. Also the FT have a video that talks about London being a laundromat for Russian oligarchs and kleptocrats.

[@ArcaneAnouki]

Britannia of old rules the waves... Britannia of the day waives the rules...

[@EnglishSaxons]

There isn't even an ethnic group known as British either ,the people of England are called English ,its an absolute pirates haven giving no shits for its own people

[@Srindal4657]

If only we had control over our own country, then we could encourage small business competition while dismantling big business and all be filthy rich

[@Tom-vx7xm]

Im not saying the heritage foundation is lying. But just a quick tip for ppl wathing: it could be worth looking in to who is funding them.

[@remifasolla2863]

The fact that London is the World's capital of dirty money is hardly news, but it's nice to have specific details. 🙂🇬🇧🇬🇧🇬🇧

[@CM_CM_]

Would you do a video on buildings in the UK particularly in the Midlands and further North that after being bought somehow catch fire and are rebuild as property? More real estate but still financial based. There's a habit of other property builds being promoted as solutions to housing when only a small selection of tiny flats are listed as being for low income, however few are bought because of their high price, and yet developers are still receiving tax breaks.

[@supertuscans9512]

What tax breaks? I’d really like to know.

[@CM_CM_]

@@supertuscans9512 There's a lot to unpack that I can't do justice in a comment. One example is Buy to Let Landlords get 20% tax relief through credit, this used to be 40% until 2020. In terms of developments, only 10% of major developments "should be" affordable. Developers can apply for funding under the Affordable Homes Programme, however not flats in a block need to be low-income - the program funds homes at a discounted rent and half affordable home ownership products, meaning some funds can be used for part of a product where numbers can be manipulated to turn a profit rather than be cost only. Additionally, 'charities' can build properties and be exepmpt from tax. I'd recommend just googling some of the terms and having a look at the various government sites/local council links - toomuch variaon from region to region around the country for a YT commnet.

[@carsyoungtimerfreak1149]

No matter what kind of rules and regulations are put in place, money will always buy you freedom...

[@p.scottl3447]

I think you're making an assumption when you quote the Heritage Foundation on the number of criminals caught and cost per conviction. You're assuming that these measures don't have any preventative benefit that might be worth the "cost". Even though crypto currencies and other havens now exist, it is still a barrier to entry that you're making assumptions doesn't have benefit.

[@wol_ves]

Yes I agree! Also I don't think it's a good idea to rely entirely on numbers from any politically biased organization as there's no accountability there, they can say whatever they want.

[@RightSideNews]

Agreed

[@perfectallycromulent]

yeah, and the problem is that the heritage foundation wants you to come to the conclusion that money laundering isn't really a problem so we should stop looking for it, when to the average person, it's more like money laundering is being baked into the financial and real estate laws to prevent anything meaningful from being done about it.

[@j.obrien4990]

wasn't money laundering a motivation for Brexit?

[@Dan-dg9pi]

Patrick, very interesting analysis. One quibble: I would not trust a single word of any Heritage Foundation report. Heritage knows the answer to every policy question before they have done the analysis or indeed collected any data. To use the example you mentioned, criminal law always operates by prosecuting people it catches in hopes of deterring many others. If you only measure the number of tickets produced by a speed camera, you would miss the thousands of cars that weren't ticketed because most people slow down once they realize there is a camera. The same is true for AML laws. The regulations raise the price of money laundering so we get less of it. That is Econ 101.

[@stevenglowacki8576]

I totally agree. The Heritage Foundation will always be against any form of regulation, regardless. They formed their conclusion and sought data to support it, ignoring any data that didn't support it.

[@stellaoh9217]

Bingo. Heritage is Pro-Putin + anti-Democracy at this point...

[@bowtiejack1]

@@stevenglowacki8576 What?! The Heritage Foundation is a bunch of kindly rich sociopaths trying to achieve the greatest good for the greatest number, not game the system for rich sociopaths.

[@XavierJAlexander]

Yeah tin pot right wing extremism bullshit

[@denydeni144]

Makes sense.

[@TremereTT]

I mean UK hasn't a big problem with dirty money. It all comes to the UK. The world has a problem with London inviting the dirty money.

[@carlgarrett5142]

Great piece, as always, except for the whining about "excessive" money laundering regulation. I have been in banking and mortgage lending for over 25 years. Watching out for thr red flags of criminal activity is one of the costs of doing business. It's asinine to assign a cost per conviction because it does not take into consideration the potential number of crimes that are simply prevented.

[@themanwiththeplan1401]

The economist quoted statistics about russian assets in the UK, is surely wrong, because 0.16% of £13 billion is only £20.8 million which is less than some of the properties quoted at the start.

[@ennio5763]

While the video explains the nature and development of the problem, it doesn't give me confidence that the UK government and London Banks and Law agencies do whatever they can to get rid of the problem. Rather, the presumption is that they don't see that as a problem at all, but as a juicy opportunity, and essentially gaslight international agencies, pretending to follow the spirit of the law, while actively coordinating money laundering of wealthy foreign individuals (and actually not just foreign ones ... Anonymity is sooo convenient...)

[@bravosierra2447]

You have raised a good point, the book ‘Treasure Isands’ by Nicholas Shaxson explains how this came to be.

[@pfeilspitze]

I mean, it's not really a surprise. All laws are enforced to harass the little guy and people with connections get away with it.

[@ciril2643]

Why would they do anything about it if they earn money from it in one way or another? If there isn’t enough public pressure(and there def. isn’t), nothing will happen. Or something might happen de jure, but will be ignored in practice.

[@leonfa259]

@ennio What other economy the UK has left, they hardly produce any goods (except of ones targeted to wealth) and their services are mostly targeted to wealth, too. And if one is honest, there is hardly any legitimate wealth.

[@winsomebrooks6863]

@@ciril2643 ok

[@Kitiwake]

Well said, Patrick.

[@AB-hq1ye]

Super Video wie immer

[@georgeaird4637]

23:54 How can that be possible? Even in just the Property market wealthy Russians most own a total of more than £10M pounds worth of assets. Unless that was just the total amount of assets they had purchased that year but even that amount sounds rather small. Maybe Dual Citizens aren't included in that statistic? I believe Roman Abramovich is an Israeli Citizen as well as being Russian and he owned a football club worth more than +£1bn until just a few months ago.

[@postmanwithsnow]

amazing as always! i learned a lot with you mate

[@Sralit]

Great video. We all live more and more in a kleptocracy!

[@jdrancho1864]

Thruout this video I was waiting for the subtle, even subversive humor Patrick B.'s presentations are known for. It arrived at 18:03.

[@marcos7106]

Thank you very much. Informative and entertaining at the same time.

[@monkeyrater]

Outstanding explanation of the eurodollar system, much appreciated. Thanks for being to-the-point and not wasting time with frivolous chitter chatter.

[@DF-dd5nf]

Thanks for these very interesting information. All of this what you have disribed is truly shocking and appalling, proving how this world is EVIL

[@user-kb1hw2yq2f]

NY is just as bad. During covid thousand of real estate offices NOT only when unoccupied but NONE of them dropped the price.

[@bluedunn374]

Australia…..”Hold my beer”

[@duellingscarguevara]

While I grab my ankles?.😂

[@masenko4519]

Yeah doesn't get much more corrupt than Aus

[@rickhayer8320]

Video explains a lot after my visit recently. Puts in perspective on my observations. Thank you.

[@dieyoung8259]

Great topic....I watched a video of African nations where a speaker discussed how money laundering regulations are used as a tool that makes it impossible for any legal foreign transactions to take place.

[@dinsel9691]

NONSENSE

[@chopsandarchie7015]

that is simply not the case; there is now more international trade than ever.

[@Vyker]

The reason they convinced the working class to vote Brexit. EU clampdown on this wasn't in line with London's elites.

[@PolarGreenBear]

Maybe Hollywood was getting it right when they had the villain have vague British accent.🤑

[@datingandlifeadvicechannel7534]

Most are dodgy and criminals this is true

[@artist.sanctuary.studio.d16]

Good man. Patrick 👍

[@ericvoots]

Hi Patrick, really like your stuff. You should some longer form ones and with other people, 1on1 or roundtable. Be interesting to hear you talk about this stuff with other smart people.

[@jerrybarr3354]

240 million for a fancy apartment? 🤔🤪

[@somewhere6]

Everything said here could also be said about Toronto except for the where the dirty money is coming from and the outward flamboyance of some of the people engaging in the activities. It is done more quietly in Toronto but it is on such a scale that it is an essential part of the economy.

[@sudhamuralidharan6574]

This money from Toronto is used to create unrest in India...

[@lethagramlich417]

Seems like there is more than a needle in a haystack currently.

[@dinsel9691]

No home should be owned by a "corporation" and especially a "foreign anonymous corporation from a tax haven"