Grant Shapps states money laundering is 'not welcome' in London after damning Russia report

London, the world’s number one international financial centre, is not the place to launder Russian money, according to transport secretary Grant Shapps.

The comments come after the UK parliament’s intelligence and security committee said yesterday that London had become a particularly favourable destination for Russian oligarchs and their money, referring to London as the “laundromat”.

“It is very very important that the good name of London, the City and the United Kingdom - when it comes to anti-money laundering legislation - is maintained,” Shapps told the BBC.

“This is not the place to come and launder money,” Shapps said. “It’s not welcome.”

Russia has become a hotspot and a home for many wealthy Russians.