Bicester Village, the Oxfordshire fashion outlet popular with international shoppers, is at the centre of a global money laundering network, according to a new book by investigative journalist Oliver Bullough. In 'Everybody Loves Our Dollars', Bullough argues that the high-end shopping destination is used to move illicit funds by purchasing luxury goods.
The book highlights the paradox of rising cash usage despite a decline in everyday transactions. In April 2024, the value of US dollars in circulation hit a record $2.345tn, with similar trends for the euro, pound, yen and Swiss franc. Bullough explains that while law-abiding citizens face strict checks on legitimate transfers, criminals easily transport large sums of cash internationally.
Bullough traces the origins of money laundering to 1920s Chicago, where Al Capone used laundries and small shops to disguise bootlegging profits. Today, the practice has evolved, with Bicester Village serving as a modern hub. Shoppers from the Middle East and China buy expensive items like handbags and suitcases, effectively moving money across borders without detection.
The author, known for his fearless reporting from Chechnya and the former Soviet Union, describes how drug gangs and people-smugglers exploit the system. Despite increased airport security with cash-sniffing dogs, the volume of high-denomination notes continues to grow, fuelling the illicit economy.
Bullough's investigation reveals that the fashion outlet is just one link in a chain involving central banks, drug cartels and corrupt elites. The book calls for greater scrutiny of cash flows and the luxury goods trade, which often masks criminal profits.
