Reply to: Up to 5,000 City jobs to go before Brexit day next March, says minister

[vetran]

London remains a safe haven for the world’s dirty cash | Simon Jenkins | Opinion | The Guardian

So your evidence is that the new "unexplained wealth orders" first success proves the UK is willing to put up with international crime?


its Assgoo smilie time.

[Cirrus]

as we have seen from all the crooks caught over the last few years...

London remains a safe haven for the world’s dirty cash | Simon Jenkins | Opinion | The Guardian

[Bean]

You think the City will not race to the bottom if gets the slightest chance?

FCA's rule change to lure Saudi Aramco prompts criticism | Business | The Guardian

C'mon Cirrus, you're conflating;

• illegal criminality, such as colluding (covertly) to rig the Libor Interbank rate - with,
• changing some rules/regulations (overtly and subject to criticism etc.), that everyone can see, lobby to change, and eventually others can play by....

The FCA changing rules is not 'the City' though - it's blatantly happened as a result of a word in an ear from Government.

Yes, bankers are dirty moneygrubbers and will look for all avenues of profit, but Brexit won't cause them to be anymore unduly illegal/immoral than they were beforehand - as we have seen from all the crooks caught over the last few years...

[AtW]

I've worked in the City/Canary Wharf. More specifically I've worked in global financial crime including tax avoidance, money laundering and sanctions busting. However in truth I've learned a lot more from the telly. I don't know whether its because I'm old but it just seems to me the whole of the UK, the Financial Systems and the Entire World run on crime. It's just everywhere.

The job of your unit was to hush it all up

HTH

[AtW]

You got it

[Cirrus]

to posit the UK will gear up for more crime (due to &) post-Brexit is a little over the top don't you think?

You think the City will not race to the bottom if gets the slightest chance?

FCA's rule change to lure Saudi Aramco prompts criticism | Business | The Guardian

[Bean]

I've worked in the City/Canary Wharf. More specifically I've worked in global financial crime including tax avoidance, money laundering and sanctions busting. However in truth I've learned a lot more from the telly. I don't know whether its because I'm old but it just seems to me the whole of the UK, the Financial Systems and the Entire World run on crime. It's just everywhere.

I can see where you're coming from and I have contracted in a London-based foreign bank, with a minor regard to sanction lists - but to posit the UK will gear up for more crime (due to &) post-Brexit is a little over the top don't you think?

It may be generally true for NY, LO, SI - but not as a result of Brexit to increase tax-take, but rather due to greed and profit opportunities of individuals that are less than honest.

[original PM]

Only in a re-run...

[Cirrus]

It's interesting that you think bankers will be able to get away with rigging etc. anything like before, given the methods and actors have been exposed and the remainder will have extra scrutiny on them to not do this sort of shenanigans.

I've worked in the City/Canary Wharf. More specifically I've worked in global financial crime including tax avoidance, money laundering and sanctions busting. However in truth I've learned a lot more from the telly. I don't know whether its because I'm old but it just seems to me the whole of the UK, the Financial Systems and the Entire World run on crime. It's just everywhere.

[NotAllThere]

No idea, never worked in the City.

I guess it's attractive because it appears to have tough regulation whilst turning every blind eye to money laundering, insider trading and market rigging possible...

I also have never worked in the City, nor indeed any bank. But I've freely admitted living in a delusional world.

[Bean]

Almost certainly the post-Brexit vision is one of even richer support for criminal activity. However the City's wings will increasingly be clipped by the USA (HSBC was very close to being taken down over its massive criminality - it was only abject begging by the UK that let them off the hook with a few billion in fines and other penalties), and by the EU (newly freed from the dragging of the chains applied by the UK contingent).

Except that unexplained wealth order on the wife of the convicted Azerbaijani banker, who has spent ~£16 million in Harrods...

If your hypothesis was true, she wouldn't have had to explain it, as 'the government' would want the taxes from sales in Harrods with no questions asked.

It's interesting that you think bankers will be able to get away with rigging etc. anything like before, given the methods and actors have been exposed and the remainder will have extra scrutiny on them to not do this sort of shenanigans.

By all means, I'm sure the 'offshore havens' will continue, but then, there's legitimate reasons for incorporating in differing regions, as well as nefarious.

[Cirrus]

I guess it's attractive because it appears to have tough regulation whilst turning every blind eye to money laundering, insider trading and market rigging possible...

Almost certainly the post-Brexit vision is one of even richer support for criminal activity. However the City's wings will increasingly be clipped by the USA (HSBC was very close to being taken down over its massive criminality - it was only abject begging by the UK that let them off the hook with a few billion in fines and other penalties), and by the EU (newly freed from the dragging of the chains applied by the UK contingent).

[AtW]

Remember - Tory Scums' US backers would give them extra if the City is destroyed and money move to New York.

[darmstadt]

We've discussed this before but these figures are a bit misleading as it doesn't state from which sector these 5,000 jobs will disappear. Now if they're your basic white collar workers then there will be more than 5,000 because of all the support staff, everyone from cleaners to sandwich makers to delivery drivers to estate agents. Everything needs to be taken into account and I believe that the people who provide these figures don't do that so the real figure would actually be much higher, it it's true....

[AtW]

One day VB6 will return!

Only in a re-run...