Letters: London must wash itself clean
[Re: Eversheds Sutherland strikes deal with Russian ‘relationship firm’ – made up of ex-employees, yesterday]
London is the world’s pre-eminent city for business, but Russia’s illegal invasion of Ukraine has forced British firms to consider their dealings with Kremlin-linked individuals, companies, and organisations. London’s label as a laundromat for questionable funds – Russian and otherwise – is an accusation we must reckon with collectively. London’s world-leading financial services, legal, and consulting industries are built on professionalism, excellence, and – critically – trust. London’s future prosperity as a world city is dependent on norms, rules, and our collective values.
As such, I believe the City can and must play a more forceful role in securing the economic future of London, and by extension the UK, through clear values, better governance, and the shaping of international standards.
As part of this process, business in the City must work with government and enforcement agencies to pool resources in addressing past failings. Identifying the sources of investments can be tricky due to the use of complex ownership mechanisms and it will require private and public sector collaboration.
Simply complaining about questions that are rightly raised about financial and professional probity with respect to Russian and Kremlin-linked money is not good enough. The City and its leading businesses must take coordinated action to wash away the laundromat label.
Richard Burge