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
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet