UK’s anti-money laundering system is “failing”, Transparency International claims
09 Nov 2017

Anti-corruption organisation Transparency International UK has found more than 760 companies registered in the UK were directly involved in laundering stolen money from at least 13 countries, as part of analysis of 52 cases of global corruption worth £80bn.

This new research, Hiding in Plain Sight, claims companies are used as layers to hide money that would otherwise appear suspicious, and “have the added advantage of providing a respectability uniquely associated with being registered in the UK”.

The group argues it is “no accident” that the UK is used, noting it is home to a “network” of Trust and Companies Service Providers (TCSPs), which register firms to UK addresses, often nothing more than mailboxes.

By Catherine Neilan, City AM

Related topics:

Bankers, lawyers, accountants top UK money laundering risk assessment (again)

Will Brexit Britain lose its lead in the fight against corruption

The drive for corporate transparency – is the UK leading the way?

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