British values

Via Michael Roberts and the FT

The companies of which country after Russia were engaged in money laundering using the Estonian branch of Danske Bank?
Answer: Britain

UK corporate entities were the second-biggest proportion, behind Russian, of 15,000 non-resident customers at the Estonian branch of Danske, the bank revealed this week.

Up to €200bn flowed through those 15,000 customers’ accounts between 2007 and 2015. Danske estimates that much of this will be suspicious, making it one of the biggest money-laundering scandals ever.

English LLPs and Scottish limited partnerships have been linked with financial crime and money-laundering. The structures essentially give anonymous shell companies a UK wrapper and can be registered through an official formation agent for as little as £50.

British LLPs were the “preferred vehicle” for moving non-resident money and detailed how one customer had filed false information to Companies House, the UK’s corporate registrar. The whistleblower alleged that this entity had links to both the family of President Vladimir Putin and the Russian Federal Security Service, according to the bank’s report.