[0x3f]

If an oligarch extracts wealth from Russia and parks it in London... that seems like a win for London?

It is a bit anarcho-tyrannical in nature though. That is, the AML/FCA stuff then has the outcome of only effectively constraining the UK's own law-abiding citizens. Which is... something of a disadvantage?

Especially when half of what the FCA puts out in terms of regulations is pure time-wasting theater.

[jfil]

The thing about banks: AML is for the small fry. The big money launderers walk in the front door as VIPs, they don't have to sneak around.

A good recent case is how TD Bank actively helped cartels launder money. An interesting scenario from the past was BCCI, a bank founded to lend legitimacy to criminals (I'm sure it wasn't the last of its kind).

[dzhiurgis]

> If an oligarch extracts wealth from Russia and parks it in London... that seems like a win for London?

It is a win and it’s not an illegal money laundering.