Criminals from around the world make UK a hub for corrupt wealth
Transparency International UK analysed 400 cases with a UK link over the past 30 years, and found that illicit funds had moved through over 2,200 firms in Britain and its overseas territories
London — Money from criminal activities worms its way into banks, law firms, and accounting agencies. It seeps into properties, companies, and even schools. And despite a crackdown by British MPs and police, the $418bn flood shows no signs of receding as criminals from around the world continue to make the UK a hub for corrupt wealth.
That is the key finding of a report released Thursday by Transparency International UK, the London-based arm of the global anticorruption group. When it comes to money-laundering, one of the toughest challenges is tracing where the proceeds of crimes wind up. By analysing 400 cases with a British link over the last 30 years, researchers found that illicit funds had moved through 86 banks and financial institutions, 81 law firms, 62 accountants, and more than 2,200 companies in Britain and its overseas territories...
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