21 Feb 2022

Danielle Reece-Greenhalgh quoted in International Adviser discussing the UK’s plan to scrap the ‘golden visa’ scheme

Senior Associate Danielle Reece-Greenhalgh has been quoted in International Adviser discussing the UK’s plan to scrap the ‘golden visa’ scheme and analyses the plan’s effectiveness in tackling money laundering.

Danielle argued, “The Tier 1 visa regime has received close scrutiny since its inception, with Russian and Chinese investors making up the vast majority of its users. Concerns over illicit wealth led to a tightening of the regime in 2015, but the Home Office has remained entirely reliant on the AML procedures of UK banks and financial institutions to ensure that the scheme is not being used to launder the proceeds of crime into the UK. The scrapping of the ‘golden visa’ is a radical solution, but fails to address the underlying problem as to the efficacy of the UK’s money laundering controls.”

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