The network of more than 100 firms shows that despite promises by successive British prime ministers to crack down on financial crime and corruption, UK authorities are still failing to stop suspected money launderers from pumping millions of pounds through the Western financial system.
Graham Barrow, an independent money laundering investigator working for banks and financial regulators, said these specific addresses are a “huge warning sign”. “These are UK addresses that consistently appear in global laundromat investigations,” he told BuzzFeed News, noting that two of them popped up in the Deutsche Bank mirror trades scandal and the Russian and Azerbaijani laundromat cases. The network of shell companies also share identical corporate structures, marshalled through the same series of offshore firms. First they were set up and run by two firms based in the British Virgin Islands — Ireland & Overseas Acquisitions and Milltown Corporate Services. They were replaced by two others 8,000 miles away in the Seychelles, Intrahold AG and Monohold AG. Finally, two more companies took over in the Caribbean island of Nevis