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They also made sure that the U.K. tax havens from the Channel to the Caribbean will have to publish the holders of offshore firms registered in those jurisdictions. And Foreign Minister Boris Johnson promised he would have a go at the oligarchs too.

For this special group of people, London for a number of years has been the safe haven outside their home country. The City understandably was happy about the customers, footballers (Chelsea FC) and property developers equally so. The financial market is said not to have looked too closely at the source of the vast riches brought to the country, making it into a magnet for illicit funds.

We Can't Afford to Be Without

The promises by politicians, ministers and a general public concerned about the events that take place on their doorsteps won’t make much of a difference. Anastacia Nesvetailova, a finance expert working at City University, wrote that the U.K. couldn’t afford to forego the dirty Russian money, according to «The Conversation». The reason given? Brexit, the impending break with the European Union.

Some Swiss banks already pared their staff in the City as capital inflows are drying up. The Russian money is all the more important.

Swiss Hopes in Vain

Swiss banks, which struggled to keep up with the British in the offshore business in recent years won’t be the obvious alternative for the Russians though. The Swiss banks have been quick in adopting measures against Viktor Vekselberg for instance when the U.S. imposed sanctions on him and his businesses.

Because what UBS and Credit Suisse fear much more than their British brethren is the heavy handed approach by the U.S. judiciary.