UK scraps golden visas over Russian dirty money
Scheme ditched amid increased scrutiny after Ukraine crisis
Priti Patel will scrap Britain’s so-called golden visa scheme in a bid to halt the flow of Russian “dirty money” into the UK.
The Tier 1 investor visa gives rich foreigners who are willing to bring millions of pounds to Britain a fast-track to settlement in the UK.
The government is expected to scrap so-called “golden visas” for wealthy foreign investors amid concerns over links between Russia and the UK. It has been under review due to repeated concerns that the system could be exploited because not enough background checks are made on applicants.
It comes amid concerns about Moscow’s influence in the UK as tensions continue about a potential Russian invasion of Ukraine.
Labour former minister Chris Bryant has previously called for a full review of the scheme as he accused the Government of “giving out golden visas to dodgy Russian oligarchs” and said the system is used as a “backdoor loophole” to funnel dirty money into the UK.
In 2018 a report published by the Foreign Affairs Committee, which at that time included the now Home Secretary Priti Patel as a member, accused ministers of risking national security by “turning a blind eye” to the Russian “dirty money” flowing through the City of London.
source: CITY A.M.
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