On 12 July, KYC 360 reported an article from The Times which said that thousands of “golden visas” given to oligarchs and wealthy foreigners are under review over potential risks to national security. The Tier 1 investor visa were introduced by the Labour Party in in 2008 response to the financial crisis, granting British residency in exchange for 7-figure investments. The initiative fuelled a property boom for wealthy Russians in Britain. The Home Office has now confirmed that it has been assessing the risk “of a range of national security threats including illicit finance, corruption and wider serious and organised crime risks”.
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