Escobarp Posted February 11, 2021 Posted February 11, 2021 2 minutes ago, Sweep said: I can, and would be happier if they were actually "tighter" so that it gives these people/investors a bit of an incentive to come to us. Now that we can, we need to be looking outside of the EU for the big bucks to flow through our system Why would tax avoidance measures being tighter encourage inward investment may I ask? and for the record I don’t perceive EU AML regs to be overly different from our own as it stands. And ours are pretty robust as they are if I’m honest as far as I’m concerned. Quote
Sweep Posted February 11, 2021 Posted February 11, 2021 3 minutes ago, Escobarp said: Why would tax avoidance measures being tighter encourage inward investment may I ask? I was of course being glib, I don't know much about it obviously, but I was wondering why we don't actually want these Oligarchs and other nefarious types washing their money through our system? I'm fairly interested to know why, if it's what they want, why the EU won't actually have tighter regulations on money laundering and tax avoidance than the UK Quote
Spider Posted February 11, 2021 Posted February 11, 2021 15 minutes ago, Winchester White said: What do you base that on though? I know ✋ Quote
Escobarp Posted February 11, 2021 Posted February 11, 2021 5 minutes ago, Sweep said: I was of course being glib, I don't know much about it obviously, but I was wondering why we don't actually want these Oligarchs and other nefarious types washing their money through our system? I'm fairly interested to know why, if it's what they want, why the EU won't actually have tighter regulations on money laundering and tax avoidance than the UK I don’t perceive they do have tighter regs than we do. The main reason it comes into the uk is essentially the London property market as far as I can see. It’s why they choose London over Berlin Paris etc to invest. I don’t think it’s anything to do with lax AML regs personally. Where there’s a will there’s a way to circumvent them all over the world I suspect. Quote
Ani Posted February 11, 2021 Posted February 11, 2021 https://www.fnlondon.com/articles/its-still-too-easy-to-launder-money-in-london-warns-top-law-enforcer-20200911 There plenty of similar stories you can find from a variety of sources. There is a balance between being open and flexible to attract business against enforcing a regulated environment. There are plenty more stories of the City being keener on the business than the regs. This not about the day to day business that goes on in the City but the behind the scenes deals that get through. London is perceived by many as allowing a lot more than others to go through. We are currently less regulated and policed than other countries IMO, if we lose business as detailed with the share trading are we likely to tighten our rules or relax them more? Quote
Escobarp Posted February 11, 2021 Posted February 11, 2021 11 minutes ago, Ani said: https://www.fnlondon.com/articles/its-still-too-easy-to-launder-money-in-london-warns-top-law-enforcer-20200911 There plenty of similar stories you can find from a variety of sources. There is a balance between being open and flexible to attract business against enforcing a regulated environment. There are plenty more stories of the City being keener on the business than the regs. This not about the day to day business that goes on in the City but the behind the scenes deals that get through. London is perceived by many as allowing a lot more than others to go through. We are currently less regulated and policed than other countries IMO, if we lose business as detailed with the share trading are we likely to tighten our rules or relax them more? Less regulated than which countries? Bare in mind we’ve been operating in tandem with the EU on this level for a long time. So have rules and standards diverged massively since 1st Jan? you can find stories online to say brexit is going to be a huge success and some say doom and gloom. Which are the correct stories? I can only go off my own personal experience in reality from past and current dealing with AML and associated KYC rules and obligations. If you saw the hoops I’ve had to jump through with some really complex corporate structures including BVI/cayman domiciled shells and trusts etc I’m not sure anyone would be questioning the tightness of our rules around this. Quote
Sweep Posted February 11, 2021 Posted February 11, 2021 1 hour ago, Spider said: I know ✋ do tell 😉 Quote
Spider Posted February 11, 2021 Posted February 11, 2021 8 minutes ago, Sweep said: do tell 😉 I think you know too. But if not, I'll give you a clue. It's based on what he thinks. Quote
Ani Posted February 11, 2021 Posted February 11, 2021 2 minutes ago, Escobarp said: Less regulated than which countries? Bare in mind we’ve been operating in tandem with the EU on this level for a long time. So have rules and standards diverged massively since 1st Jan? you can find stories online to say brexit is going to be a huge success and some say doom and gloom. Which are the correct stories? I can only go off my own personal experience in reality from past and current dealing with AML and associated KYC rules and obligations. If you saw the hoops I’ve had to jump through with some really complex corporate structures including BVI/cayman domiciled shells and trusts etc I’m not sure anyone would be questioning the tightness of our rules around this. It is not true that we have had to follow EU rules when dealing with Non EU business, so we have so many Russian Billionaires living in London. Only EU rules apply if it is within the EU. (Think there are a few exceptions) There is quite a detailed report on this in the FT. This is not arguing the case one way or another but it does set out the background well https://www.ft.com/content/dd7e6828-f603-47bf-bdd7-61e9dcb5f9ac I too have had to deal with our AML regs and was amazed when I questioned how much I had to do to be told it was so 'easy' because my bit of the business was UK only. Anecdotal I know ! Not sure you will find many articles on line saying that the City is too regulated compared to competitors. Quote
Escobarp Posted February 11, 2021 Posted February 11, 2021 8 minutes ago, Ani said: It is not true that we have had to follow EU rules when dealing with Non EU business, so we have so many Russian Billionaires living in London. Only EU rules apply if it is within the EU. (Think there are a few exceptions) There is quite a detailed report on this in the FT. This is not arguing the case one way or another but it does set out the background well https://www.ft.com/content/dd7e6828-f603-47bf-bdd7-61e9dcb5f9ac I too have had to deal with our AML regs and was amazed when I questioned how much I had to do to be told it was so 'easy' because my bit of the business was UK only. Anecdotal I know ! Not sure you will find many articles on line saying that the City is too regulated compared to competitors. You see I struggle with the notion of them being competitors for the mainstream arms of the uk banking sector currently. As it stands post this transition period they won’t be competitors as we won’t be fishing in the same pond if they don’t agree a deal going forward. i do think it’s slightly skewed as we have many more Russians etc wanting to invest here so greed finds a way to facilitate this. So by definition we are going to have more people looking to “bend the rules” It’s human nature in that sector. If the London property market pops they will take their money elsewhere and somebody there will Find a way to facilitate that be it in Paris Geneva Or anywhere. Quote
Ani Posted February 11, 2021 Posted February 11, 2021 10 minutes ago, Escobarp said: You see I struggle with the notion of them being competitors for the mainstream arms of the uk banking sector currently. As it stands post this transition period they won’t be competitors as we won’t be fishing in the same pond if they don’t agree a deal going forward. i do think it’s slightly skewed as we have many more Russians etc wanting to invest here so greed finds a way to facilitate this. So by definition we are going to have more people looking to “bend the rules” It’s human nature in that sector. If the London property market pops they will take their money elsewhere and somebody there will Find a way to facilitate that be it in Paris Geneva Or anywhere. I agree it is a bit 'chicken and egg' the Russians want to live here, but is that because we are lax on the rules so they can enjoy their billions or because it is genuinely a good place to live ? As you say in that sector which is a million miles from the main stream banking greed is the driver. There will elements of the Banking sector in the EU saying we are to lax who would happily bend over and take it if they could. As Mr Strummer said ' He who fucks nuns will later the church.' Quote
Guest Posted February 13, 2021 Posted February 13, 2021 https://www.bbc.co.uk/news/business-56044610 Quote
miamiwhite Posted February 13, 2021 Author Posted February 13, 2021 6 hours ago, boltondiver said: https://www.bbc.co.uk/news/business-56044610 Oh what a surprise .....😉 Quote
Ani Posted February 13, 2021 Posted February 13, 2021 7 minutes ago, miamiwhite said: Oh what a surprise .....😉 You surprised that the % of empty lorries has doubled ? 😂🤣 Quote
Tonge moor green jacket Posted February 13, 2021 Posted February 13, 2021 3 minutes ago, Ani said: You surprised that the % of empty lorries has doubled ? 😂🤣 Wonder what the figures are for such lorries towards the end of the year (before end of transition period) Given the pandemic has reduced our gpd, it would be no surprise to see export quantities down quite significantly. Need to see vaccination levels going up quickly everywhere to get things back on track. Quote
Ani Posted February 13, 2021 Posted February 13, 2021 3 minutes ago, Tonge moor green jacket said: Wonder what the figures are for such lorries towards the end of the year (before end of transition period) Given the pandemic has reduced our gpd, it would be no surprise to see export quantities down quite significantly. Need to see vaccination levels going up quickly everywhere to get things back on track. The article say the number leaving that are empty had doubled which would imply that imports are running smoother than exports. That could be caused by people being put off by the EU being stricter than we are which resonates with other stories . The article does not actually say if more tracks are returning empty too so it might be half a story , but empty lorries are extra costs for everyone Quote
Tonge moor green jacket Posted February 13, 2021 Posted February 13, 2021 1 minute ago, Ani said: The article say the number leaving that are empty had doubled which would imply that imports are running smoother than exports. That could be caused by people being put off by the EU being stricter than we are which resonates with other stories . The article does not actually say if more tracks are returning empty too so it might be half a story , but empty lorries are extra costs for everyone A couple of points: the UK hasn't been conducting the same level of checks on incoming vehicles, instead choosing a grace period to allow those bringing stuff in to get accustomed to new processes. Makes life a bit easier. We are also a net importer of food, which is still required. The lockdowns etc abroad have also had a big impact on the requirement for fish for example in their restaurants. Prices were down significantly well before the new year. As the article says, goods like clothing etc are well down with so many outlets closed. One of the big concerns around the whole brexit issue has been the balance of trade; moreover recently we've seen the requirement for enlarging our own manufacturing/growing. Quote
green genie Posted February 14, 2021 Posted February 14, 2021 If all the border controls are getting sorted why in the name of the magic money tree are they looking at tunnel to Northern Ireland? https://www.telegraph.co.uk/politics/2021/02/13/boris-burrow-tunnel-northern-ireland-set-get-green-light/ Quote
Tonge moor green jacket Posted February 14, 2021 Posted February 14, 2021 3 hours ago, green genie said: If all the border controls are getting sorted why in the name of the magic money tree are they looking at tunnel to Northern Ireland? https://www.telegraph.co.uk/politics/2021/02/13/boris-burrow-tunnel-northern-ireland-set-get-green-light/ Quicker? Can't see the article, so how far is it proposed to stretch? Quote
green genie Posted February 14, 2021 Posted February 14, 2021 (edited) Sky have a clearer piece on it. 25 miles from Larne to Stranraer , which probably be in independent Scotland by time finished. One MP not impressed Simon Hoare, Tory MP and chair of the Commons Northern Ireland affairs select committee, ridiculed the latest suggestion of a tunnel. "The trains could be pulled by an inexhaustible herd of Unicorns overseen by stern, officious dodos," he tweeted. "A PushmePullYou could be the senior guard and Puff the Magic Dragon the inspector. "Let's concentrate on making the Protocol work and put the hallucinogenics down." Edited February 14, 2021 by green genie Quote
mickbrown Posted February 14, 2021 Posted February 14, 2021 Never happening. Apparently there's a 300 metre deep trench filled with 1 millions tonnes of dumped munitions in the way. Quote
mickbrown Posted February 14, 2021 Posted February 14, 2021 And 2 tonnes of dumped nuclear waste..... They ain't really thought this through have they? Quote
Tonge moor green jacket Posted February 14, 2021 Posted February 14, 2021 25 minutes ago, mickbrown said: And 2 tonnes of dumped nuclear waste..... They ain't really thought this through have they? Depends how deep you go? Can't see a great deal of point of it though. Quote
mickbrown Posted February 14, 2021 Posted February 14, 2021 2 minutes ago, Tonge moor green jacket said: Depends how deep you go? Can't see a great deal of point of it though. Channel tunnel is 75m at its deepest point. I'll bet my house this ain't happening. Quote
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