Jersey's 'Safe Haven' for Billionaire Oligarchs Exposed: How Roman Abramovich Moved Billions into the West
A Channel Island tax haven has played a pivotal role in moving millions of dollars made by those with despotic ties into Western economies. The secretive island nation, Jersey, had allowed high-net-worth individuals to move their wealth to the west, often under the guise of "safe harbour" or "ultra-high net worth individual" schemes.
One such recipient was Roman Abramovich, a Russian billionaire and former Chelsea football club owner. In 2016 and 2017, Abramovich and four close associates were granted safe harbour by Jersey's government, receiving residency under a special scheme for ultra-high net worth individuals. The oligarch's application was approved in September 2017.
Abramovich had approached the island about residency in the summer of that year. The billionaire was also granted permission to relocate companies controlling his vast fortune to Jersey, which allowed him to transfer assets from his offshore network to the crown dependency at significant cost savings.
Jersey's relationship with the UK government is opaque, and little information has been publicly disclosed regarding how decisions are made or how Westminster is consulted. However, it appears that London was extensively consulted on Abramovich's case, with background checks and face-to-face meetings between officials in Jersey and London over several years. In none of these communications did UK officials raise objections despite heightened sensitivity around Kremlin-linked figures.
It wasn't until Russia's full-scale invasion of Ukraine in 2022 that the tide turned against Abramovich. The Jersey authorities froze $7 billion of assets suspected to be connected to him, and searched several premises on the island. The oligarch had been placed on the UK and Jersey sanctions lists.
The money laundering investigation into Abramovich is focused on whether he obtained his wealth through corruption while building his oil and gas business in Russia's newly privatised economy during the 1990s. His lawyers have denied involvement in corruption, claiming that the decision to investigate him is politically motivated.
Jersey has come under scrutiny for allowing Abramovich to bring his billions into the island. A former head of enforcement at the Jersey Financial Services Commission warned of a "reputational risk" to the island due to Abramovich's close association with Putin and the increasing perception of Russia as a rogue state.
The decision to allow Abramovich to move his wealth to Jersey was not taken lightly, with officials expressing concerns about the potential for money laundering. A back channel was opened between St Helier and London, with UK officials running checks on Abramovich and his associates before approving their applications.
Abramovich never took up residence in Jersey but secured Israeli citizenship in 2018. His lawyers have claimed that no progress has been made on the attorney general's investigation into corruption allegations against him.
The case raises questions about how Western governments allow wealthy individuals with ties to authoritarian regimes to move their assets into their jurisdictions, often under the guise of "safe harbour" schemes.
A Channel Island tax haven has played a pivotal role in moving millions of dollars made by those with despotic ties into Western economies. The secretive island nation, Jersey, had allowed high-net-worth individuals to move their wealth to the west, often under the guise of "safe harbour" or "ultra-high net worth individual" schemes.
One such recipient was Roman Abramovich, a Russian billionaire and former Chelsea football club owner. In 2016 and 2017, Abramovich and four close associates were granted safe harbour by Jersey's government, receiving residency under a special scheme for ultra-high net worth individuals. The oligarch's application was approved in September 2017.
Abramovich had approached the island about residency in the summer of that year. The billionaire was also granted permission to relocate companies controlling his vast fortune to Jersey, which allowed him to transfer assets from his offshore network to the crown dependency at significant cost savings.
Jersey's relationship with the UK government is opaque, and little information has been publicly disclosed regarding how decisions are made or how Westminster is consulted. However, it appears that London was extensively consulted on Abramovich's case, with background checks and face-to-face meetings between officials in Jersey and London over several years. In none of these communications did UK officials raise objections despite heightened sensitivity around Kremlin-linked figures.
It wasn't until Russia's full-scale invasion of Ukraine in 2022 that the tide turned against Abramovich. The Jersey authorities froze $7 billion of assets suspected to be connected to him, and searched several premises on the island. The oligarch had been placed on the UK and Jersey sanctions lists.
The money laundering investigation into Abramovich is focused on whether he obtained his wealth through corruption while building his oil and gas business in Russia's newly privatised economy during the 1990s. His lawyers have denied involvement in corruption, claiming that the decision to investigate him is politically motivated.
Jersey has come under scrutiny for allowing Abramovich to bring his billions into the island. A former head of enforcement at the Jersey Financial Services Commission warned of a "reputational risk" to the island due to Abramovich's close association with Putin and the increasing perception of Russia as a rogue state.
The decision to allow Abramovich to move his wealth to Jersey was not taken lightly, with officials expressing concerns about the potential for money laundering. A back channel was opened between St Helier and London, with UK officials running checks on Abramovich and his associates before approving their applications.
Abramovich never took up residence in Jersey but secured Israeli citizenship in 2018. His lawyers have claimed that no progress has been made on the attorney general's investigation into corruption allegations against him.
The case raises questions about how Western governments allow wealthy individuals with ties to authoritarian regimes to move their assets into their jurisdictions, often under the guise of "safe harbour" schemes.
It's like, what's the logic behind that? Is it just a case of Western governments being oblivious to their own vulnerabilities or is there some more sinister game being played here?
. I mean, $7 billion just frozen out of thin air because he had some connections to Putin? It's like they were trying to legitimize his dirty money 
. And now we find out that London knew about the whole thing and didn't say anything? That's some serious corruption right there 
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. He basically got away with being a bad guy and still managed to keep most of his cash 
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. Like, come on guys, if Abramovich can get away with this, what else have you been hiding? 
like he basically got away scot free with moving his billions into the west under the disguise of a safe haven scheme lol. i mean what even is that?! some1 needs to expose all the shady dealings going on there. 
anyway, i'm kinda worried about jersey now lol. did they even check for money laundering or something?! 
And what really gets me is that it seems like Western governments are just too close to their allies in Russia to do anything about it 
Like, where's the accountability? 
I'm all for transparency, especially when it comes to money laundering and corruption investigations. it's clear that Abramovich was able to navigate the system pretty easily, but at what cost? 
maybe we can learn from Jersey's mistakes (or successes?) and work towards creating more accountable and transparent tax havens. 
, like they're playing some kind of super sneaky game 
. And now they're saying it's a reputational risk because of his ties to Putin? Like, come on 
. We should be talking about how this whole system is rigged for people with money and power 
It's a pretty big deal that London was kept in the dark about some of these decisions, especially when you consider how heavily scrutinized Abramovich is now.
. And now we're left wondering how this whole thing went down in the first place.
It's not like Abramovich was able to navigate this system without raising any red flags... 
. It's wild that they were basically letting these ultra-wealthy oligarchs just waltz in and stash their ill-gotten gains on a tax haven island 
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i mean, it's not entirely surprising given jersey's reputation as a tax haven...