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The City of London is getting used to conceal the "corrupt Russian assets," the report says
The UK has been accused of turning a "blind eye" to Russia's "dirty money", placing nationwide safety in danger.
The Commons Foreign Affairs Committee mentioned London was getting used to conceal the "corrupt assets" of President Vladimir Putin and his allies.
It mentioned it was "business as usual" for the UK regardless of the poisoning of Russian ex-spy Sergei Skripal and his daughter.
This undermined the UK's efforts to confront the total spectrum of President Putin's offensive measures, it mentioned.
The UK's "lethargic response is being taken as proof that we don't dare stop them... London's markets are enabling the Kremlin's efforts," committee chairman and Conservative MP Tom Tugendhat wrote within the Sunday Times, forward of the the publication of the report.
Security and financial crime minister Ben Wallace mentioned he had not been referred to as to give proof to the committee: "I fear such an omission weakens the foundation of the report," he mentioned.
Mr Wallace mentioned the UK was "determined to drive dirty money and the money launderers out".
"[We] will use all the powers we have, including the new powers in the Criminal Finance Act, to clamp down on those that threaten our security," he added.
Mr Tungendhat mentioned ministers ought to examine "gaps" within the sanctions regime which permits the Russian authorities and people linked to President Putin to proceed to elevate funds within the City.
The report, named Moscow's Gold: Russian Corruption within the UK, factors out that Russian gasoline large Gazprom was ready to commerce bonds in London "days after the attempted murders" of Mr Skripal and his daughter.
That enterprise between the UK and Russia had resumed so swiftly prompted the Russian embassy in London to tweet: "Business as usual?"
"The scale of harm that this 'dirty cash' can do to UK international coverage pursuits dwarfs the advantage of Russian transactions within the City.
"The UK must be clear that the corruption stemming from the Kremlin is no longer welcome in our markets and we will act," mentioned Mr Tugendhat.
The committee's report urges the federal government to present "stronger political leadership" on the problem by taking a variety of actions, together with:
- additional sanctions in opposition to "Kremlin-connected individuals"
- Closing loopholes within the current sanctions regime
- Speeding up plans to disclose clear corporate possession