'Londongrad' losing its allure for corrupt elites, police say

FILE PHOTO: Big Ben and The London Eye are seen on a summer evening in London, Britain, June 15, 2022. Picture taken June 15, 2022. Picture taken with a drone. REUTERS/Yann Tessier/File Photo

LONDON (Reuters) - London is losing its allure as a destination for corrupt Russian elites and other kleptocrats with the aid of new powers and a crackdown on "enablers" who help them channel their illicit money into Britain, British police said on Thursday.

The British capital has long been the Western city of choice for Russian and other oligarchs, with authorities estimating 100 billion pounds ($119 billion) of dirty money is laundered through its financial institutions each year.