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Londongrad: How the British Money Laundering Machine Works

Journalist Oliver Bullough has recently published the book "Butler to the World" where he describes how the City of London has become a safe laundering machine for the Russian oligarchs, who stash their fortunes in "Londongrad" with the help of bankers, lawyers, accountants and public relations managers and with the complacency of the British "hilariously under-funded" law-enforcement agencies. In this 44-minute "Fresh Air" interview, Terry Gross discusses with Mr Bullough the ins and outs of the banking and legal system that allows the so-called Russian "kleptocrats" to enjoy a luxury life in the financial heart of Europe. 

Although the interview can be followed with a full script, the description the financial and legal procedures to protect the oligarchs' dodgy business transactions from public scrutiny, will raise the level of this task to C2. An "extended listening" exercise can be set for homework with a simple speaking mini-task that can be found on this link.

In the interview you will come across interesting words like: accountant, kleptocrats, oligarchs, to launder money, to stash [money], ill-gotten [gains], layers of shell companies, to come down to [a pretty basic calculation], chunks, high-end [property], a [giant] safety deposit box, a looting [machine], to dip into, an incredibly tightly controlled dictatorial kleptocratic system, to wage war, the purse strings, the checks and balances, penalties, a state-run business, a knockdown price, to undervalue, to speak out against [Putin], an asset, to stand up to [Putin], unwise, real estate, [to have money] offshore, saving money for the rainy day, to put [money] aside, a current account, a deposit account, to step up, to look hard enough, courtiers, an [information] leak, astonishingly [wealthy], to call on [the wealth of the oligarchs], to scramble around for [funds], [skilled sanction] busters, [Iran has been] tapped, tough [sanctions], severe [sanctions], to circumvent [the sanctions], to end up with, to be reckoned, the sheer [volume], to upend [this calculation], bling, the law-enforcement [system], [shell companies] and trusts, [Putin's] enablers, to poison, to bring legal proceedings [against journalists], to cut [them] off [from the system], to whack-a-mole [individual enablers], to name and shame, to freeze [their wealth, their assets], to seize [money, wealth], to confiscate [money], to be heartened, embargo, boycott [of Russian oil], a [huge] hardship [for their economy], a [real] game changer, revenue stream, to undermine, to rely on [oil for their wealth], budget, to trace back [to 1956], disruptive, a [real] nadir [of British influence], [death] throes, [heavily] indebted, the legacy, [a huge] overhang [of debt], to stand its ground, to stagger along [in a very] diminished way, to thrash around, regulations, to open a hole in the global financial architecture, scrutiny-free, to bypass the onerous system, to single out [an individual oligarch], to sue [journalists who look into the wealth], to repurpose, at the forefront [of my mind], [really] niche, to abide by [certain regulations], [very] perilous, libel laws, to defame [someone], guilty, defamation, data protection grounds, to be on the hook [for millions of dollars worth of costs], to settle [cases against oligarchs], colossal [costs], to face up against [oligarchs], [the costs are] peanuts, vexatious [lawsuits], scary, a chilling [effect], to shut up, to pick [a fight], the cutting room floor, to be hacked, to warn me off, to tarnish [the oligarch's] reputation, a [fairly]-well trodden path, a philanthropist, a high-profile [oligarch], litigious [reputations], risk averse, to shield [oligarchs], to bolster [the system], the feds, dodgy [business], [hilariously] underfunded, to crack down on [dodgy practices], to be outmuscled [by the oligarchs], a scanty measure, offshore shell companies, gimmicky [measures]. 
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