The Spider's Web: Britain's Second Empire | The Secret World of Finance
Independent POV・2 minutes read
The British Empire's decline led to London's financial transformation into a global hub with offshore structures benefiting elites and politicians, creating secrecy jurisdictions and facilitating tax evasion. London's financial power extends globally, impacting legislation and fueling capital flight, with offshore structures reinforcing the city's elite interests and the UK's status as a major tax haven.
Insights
- The decline of the British Empire led to the rise of London as a global financial hub due to light-touch regulation, secrecy, and the establishment of offshore branches in former British territories, attracting banks seeking to avoid regulations.
- Offshore jurisdictions offer services like trusts, shell companies, and secret bank accounts to create impenetrable secrecy structures, with offshore lawyers creating intricate setups to conceal asset owners, recycle wealth, and engage in illicit activities, revealing the extensive network of global financial secrecy facilitated by the UK.
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Recent questions
Why did London become a global financial hub?
Due to light-touch regulation and offshore branches.
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