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‘World Economy Would Collapse’ If City of London Stopped Laundering Money, Says HSBC Whistleblower

January 16, 2020

Britain is due to leave the European Union later this month but there is no sign of banks quitting the City of London, one of the main claims made by Remainers in the run-up to the Brexit referendum. But are the wheels of the City of London only kept turning by laundered money?

 

Nicholas Wilson, a financial services whistleblower who was fired by UK law firm, Weightmans, after exposing millions of pounds in unfair customer charges, claims the City of London relies on "dirty money" and says the world economy would collapse if the City stopped laundering it.

 

UK Tried To Block EU Bid To Tighten Up On Money Laundering


Mr Wilson, a former litigation manager, said: "The EU wanted to tighten up on money laundering and the UK was the only country who voted against it."

 

He said: "Capitalism relies on a swash of dirty money which is moved around and supports investment around the world."

 

A report last year by the Centre for Banking Research at Cass Business School painted a rosy picture of the City of London post-Brexit.

 

FULL REPORT

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