To me, the City itself is London's dirty little secret. The City is not like the rest of London, in terms of political governance. It is a very old enclave, governed by the City of London Corporation.<p>The City is an ancient creation, centered on the old Roman city. It has a government that far precedes that of modern Britain. It has its own constitution, council, and chief executive (mayor).<p>Over many centuries, the power of the City has been tested many times. Even the Magna Carta specifically excludes reforms to the City in stating "the City of London shall have/enjoy its ancient liberties."<p>In addition to self-government, those "ancient liberties" include a certain amount of regulatory independence, especially in the financial sector. The City embraces finance, with the government having an explicit mission to promote it.<p>As a result, the City is an endlessly useful haven for all sorts of companies and individuals to escape financial scrutiny, right in the heart of modern day Britain.
I thought this was common knowledge. Private Eye had a good write up on some similarly egregious practices a couple of years back: <a href="https://www.thebureauinvestigates.com/2012/08/09/london-is-the-global-capital-of-money-laundering/" rel="nofollow">https://www.thebureauinvestigates.com/2012/08/09/london-is-t...</a><p>I wonder how long until the banking industry gets the disrupt it so desperately needs.
Not really a secret, as I have done in a number of threads on the subject, I would recommend checking out the book "Treasure Islands" by Nicholas Shaxson. It basically shows how the UK is involved in international tax affairs.
If you are interested in learning more I humbly suggest watching the documentary "The UK Gold". The trailer can be found here: <a href="https://www.youtube.com/watch?v=kXBJLH2xrBM" rel="nofollow">https://www.youtube.com/watch?v=kXBJLH2xrBM</a><p>I'm in no way affiliated with the documentary but I do work in the Square Mile. I always had a hint of these things but never really had to time to research it for myself and this documentary helped me to understand it and fill in the gaps.