Unit 22 london's dirty secret

1. Pronounce the following words and word combinations. Use a dictionary if necessary.

Misuse, entities, spiriting, conceal, identity, transparency, haven, emphasise, legitimate, expertise, anonymity, unsupervised, facilitate, spurred, bureaucracy, prosecuted, scrutiny.

2. Give Russian equivalents to the following words and word combinations.

Misuse of corporate entities, shell companies, trusts, to spirit away the proceeds of crime, operators, a haven for money-launderers, to be used for legitimate purposes, to conceal ill-gotten gains, trust law, legal and accountancy expertise, to preserve anonymity, within the scope of smth, to facilitate smb, to curb money-laundering, to spur on, dirty money, to impose excessive bureaucracy, to crack down on smb, to be prosecuted, regulatory scrutiny.

3. Read the text again and answer the following questions.

1. What happens with corporate entities, according to the OECD?

2. What are shell companies and trusts ideal for? Why?

3. What does the report form Transparency International say and emphasise?

4. Why is London so attractive to those who wish to conceal ill-gotten gains?

5. What can be used to help money-launderers retain control of assets and preserve anonymity?

6. What have offshore financial centres been forced to do?

7. What is done to curb money-laundering in Britain?

8. Why has the government imposed tough regulation of company and trust service operators on smaller offshore centres but not on British ones? What professional body can remedy that neglect?

4. Complete the sentences with the information taken from the text.

1. According to the OECD, almost every … … involves misuse of … … .

2. Shell companies and trusts are ideal for … away the … of … .

3. The report says London has become a … for …-… , and is increasingly attracting those who wish to conceal …-… … .

4. UK Crown dependencies have been forced to regulate operators by … them, … standards and … rules.

5. Lately attempts to … money-laundering have gathered … worldwide.

6. The British authorities are less willing to … … on money-launderers than other … centres.

7. Most UK shell companies and trusts are used for … … .

8. Britain has imposed excessive … on financial … to tighten up on … … .

9. Explain the following English words and word combinations in your own words.

Corporate entity, shell company, trust, proceeds of crime, ill-gotten gains, investigation, dirty money, scrutiny.

6. Decide which of the following statements are right and which are wrong. Give the correct variants.

1. Shell companies and trusts are ideal for money-laundering.

2. Most UK companies and trusts are used for illegal purposes.

3. Antitrust law was an English invention.

4. Onshore financial centres in Britain have been forced to regulate operators of companies and trusts.

5. Operators that assist money-laundering are unlikely to be detected.

6. Money-laundering is being curbed in Great Britain only.

7. According to Transparency International offshore financial centres have been made a haven for money-launderers.

8. Legal and accountancy expertise is used to combat money-laundering.