The Guardian view on ending ‘golden visas’: too little and too late | Editorial

It has been 28 years since Britain opened its financial doors to tainted money from Russia and elsewhere. Closing them is a gesture, not a strategy

In government, words come cheap, but it is deeds and actions that count. Judged by the threats that Boris Johnson and his ministers make against Russia over Ukraine, you might think that Britain is fully equipped to turn its warnings into deeds. Not so. When it comes to something British ministers really could control, however, like targeting the assets of Kremlin-backed oligarchs and staunching the flows of Russian-tainted money laundered through the City of London, the rhetoric runs into the sand. In this sphere, Mr Johnson’s government does the exact reverse of what is needed. It speaks loudly, but it carries a flimsy stick.

Now, there is some prospect of action. The UK is reported to be ready to abolish its “golden visa” regime within weeks. But why so late? And how effective will this reform really be now? The fear is that it is too little, too late and too ineffectual, and that it will prove another underresourced performative stunt designed to create an impression, not achieve a material economic goal.

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from The Guardian https://ift.tt/5v0mGgK