China

The limited number of prosecutions in the UK have been of networks moving tens of millions of pounds and individual money mules depositing six-figure sums. However, it is likely that the true scale of Chinese money laundering is much greater than this and is continuing to grow. Based on my research, it is likely that these groups are laundering, at the very least, hundreds of millions of pounds related to organised crime activity in the UK.”

The big question is what comes next, because the sanctions against Rosneft and Lukoil are a noticeable blow to Russia. In some ways, we can already see their impact, as Indian and Chinese refineries are also more cautious about purchasing Russian oil. The essential question is whether Trump really wants to keep up the pressure on Moscow or whether it was just a sudden outburst of anger. And this leads to another dilemma: will there be further sanctions against refineries that continue to buy oil from Lukoil or Rosneft when the grace period expires at the end of November? It is still difficult to say how serious Trump is, but sooner or later it will have to become clear."

Part of the problem with European sanctions is that there’s never really the follow-through to sort of terrify people into making decisions that go against Russia. Whereas with the Americans, there’s always that fear that you might be next to get your hands chopped off.”