FCA ups ‘dirty money’ probe
Concern over Russia amid crackdown
THE City watchdog has warned Russia is “an issue” as it stepped up a war on “dirty money” flowing through the UK.
The Financial Conduct Authority made tackling financial crime and money laundering one of its seven top tasks for the year.
FCA chief Andrew Bailey said the topic had “moved up the league table in the last year”. He added that the situation with Russia “at the moment is an issue”.
MPs recently launched a probe into allegations that nearly £900million of UK property has been bought with Russian “dirty money”. However, the FCA was left facing questions of its own after the US imposed sanctions on seven Russian oligarchs and their companies.
They include Jersey-based energy company EN+ which is controlled by Oleg Deripaska, a tycoon with close ties to Russian president Vladimir Putin.
The FCA allowed EN+ to float on the London Stock Exchange last November.
However, the US claims Deripaska has been investigated for money laundering, bribery, extortion and racketeering.
Shares in EN+ dived 42% yesterday, with those in other firms hit by US sanctions also down.
The rouble suffered its biggest one day fall for two years.
It comes amid heightened tensions with Russia following the Salisbury poisoning attack, Moscow’s alleged involvement in the 2016 Presidential election and its backing of Syrian leader Bashar al-Assad.