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UK now being termed as the bank scam capital of the world, here is why

WION logo WION 14-10-2021 (Wion Web Team)
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The UK is now being termed as the bank scam capital of the world with a massive surge in the incidents of online scams. 

In the first six months of 2021, an amount of 1 billion dollars was stolen. The bank scams in the UK have gone up by 30 per cent since last year. 

UK's super fast payment infrastructure is being blamed for this surge as it makes money transfers less secure. Also, there is weak policing of fraud-related crimes. 

People of the UK are also being seen as easy targets because of their language. The wide use of the English language has made the UK an ideal testbed for such scams. 

The scammers target victims using this language. The targets are found through the internet by buying badges of leaked personal data from the dark net.

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A 2019 exposed the system in the UK as it analysed 400 corruption and money laundering cases. The survey revealed that nearly 600 businesses, institutions and individuals in the UK help in laundering money for the corrupt.

The total amount came down to over 400 billion dollars. 

It was further revealed that 118 luxury goods and services firms, 81 law firms, 86 banks and financial institutions, and 62 accountancy firms have been involved in such acts. 

Even the Educational institutions accepted suspicious funds. A total of 178 such institutions took more than 5 million dollars. 

Some of these institutions include the Charterhouse Square School, Harrow School, University College London, and the University of St. Andrews. 

Reports reveal that more than 42,000 properties are owned by offshore companies. 

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Money launderers have found a new home in London as for years now, the UK has allowed criminals to get away with stealing. Indian businessman Vijay Malya defaulted on loans worth 1 billion dollars. While India has been trying to extradite him, he seems to have found a new home in the UK. 

Luxury properties in London have become a way for the corrupt to hide their cash. Former Prime Minister of Pakistan, Nawaz Sharif's children, who have set up three offshore companies owned at least six upscale properties. In 2017, after he resigned following the Panama Papers verdict, he found a home in London to avoid his jail time. 

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