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28 April 2022

City AM: Chamber boss hits out at City of London for ‘laundromat’ complaints

The boss of London Chambers of Commerce has hit out at the City of London Corporation today for complaining about London’s ‘laundromat’ label, claiming that questions have “rightly been raised” over the City’s reputation for dirty cash.

Writing in City A.M. today, Richard Burge said London’s label as a place to clean up “questionable” cash is an accusation the City must collectively reckon with rather than dismiss.

His comments come after the City of London’s political leader Catherine McGuinness said on Monday it “hasn’t been fair” to paint London as a haven for dirty money, and the “system stands up well”.

“Simply complaining about questions that are rightly raised about financial and professional probity with respect to Russian and Kremlin-linked money is not good enough,” Burge wrote in City A.M..

“The City and its leading businesses must take coordinated action to wash away the laundromat label.”

Ministers and business chiefs have been scrambling to sever ties with Russia following the invasion of Ukraine and heightened scrutiny of London’s perceived position as a haven for oligarchs.

The government has slapped sanctions on a host of oligarchs and people with ties to the Kremlin, and Home secretary Priti Patel scrapped the government’s so-called ‘Golden Visa’ scheme offering visas to wealthy investors in exchange for investment commitments.

City AM

© City A.M.

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