Evening Washington
Saturday, January 16, 2021
  • Africa
  • Asia
  • Europe
  • latest news
  • USA News
  • World
  • Other
    • TECH
    • Health
    • Fashion
    • Sports
    • Business
No Result
View All Result
  • Africa
  • Asia
  • Europe
  • latest news
  • USA News
  • World
  • Other
    • TECH
    • Health
    • Fashion
    • Sports
    • Business
No Result
View All Result
Evening Washington
No Result
View All Result
Home Business

UK’s anti-money laundering system is “failing”, new report claims

admin by admin
November 9, 2017
in Business
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The UK is at the heart of global money laundering and corruption, because the system designed to prevent abuse is failing, a damning report published today has claimed.

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.

RELATED POSTS

US pushes ahead with new rules for Chinese firms

Elon Musk passes Bill Gates to become world’s second-richest person

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.

The report claims that the UK's defence against illegal activity is "woefully inadequate": just six staff in Companies House are charged with policing four million companies. Meanwhile, TCSPs filed just 77 of 400,000 suspicious activity reports, designed to flag possible money laundering, last year.

Duncan Hames, director of Policy Transparency International UK, said: “The UK is home to industrious company factories from which unscrupulous individuals provide the corrupt with the means to hide their ill-gotten gains. The UK should recognise it has its own Applebys and Mossack Fonsecas here on our doorstep.”

“Since the Panama Papers the UK has made progress in targeting corrupt money but in a complicated and global system it’s often the case that as one area of weakness is addressed, more are discovered by those intent on channelling dirty money.

"Approaching Brexit it’s essential that the UK sends a clear signal that it won’t be a laundromat for corrupt individuals from around the world. It could start by ensuring it properly resources those who are meant to be our first line of defence, such as Companies House.”

Transparency International is calling on the government to overhaul the country's supervisory system to combat money laundering and said it should apply a "failure to prevent" approach, which would put the onus back onto TCSPs to identify wrongdoing. In addition, Companies House should be given "sufficient resources to identify suspicious activity".

It also wants government to stop non-UK registered agents from setting up companies, and to use financial incentives to encourage UK firms to hold a UK bank account and discourage the use of offshore bank accounts.

Let's block ads! (Why?)

Original Article

ShareTweetPin
admin

admin

Related Posts

US pushes ahead with new rules for Chinese firms

US pushes ahead with new rules for Chinese firms

by admin
December 3, 2020
0

The US House of Representatives has passed a law to kick Chinese companies off US stock exchanges if they do...

Elon Musk passes Bill Gates to become world’s second-richest person

Elon Musk passes Bill Gates to become world’s second-richest person

by admin
November 24, 2020
0

Tesla boss Elon Musk surpassed Bill Gates to become the world’s second-richest person as the electric-car maker continued its staggering...

Philippines to cancel Landing’s $1.5B casino project

by webadmin
November 6, 2020
0

When we get out of the glass bottle of our ego and when we escape like the squirrels in the...

Australian PM Pitches Digital Economic Recovery

by admin
October 21, 2020
0

Scott Morrison wants Australia to become one of the world’s leading digital economies within the next 10 years. The prime...

NBA: Los Angeles Clippers hire Tyronn Lue as new head coach

by admin
October 21, 2020
0

LOS ANGELES (AFP) – The Los Angeles Clippers announced Tuesday (Oct 20) that Tyronn Lue has been promoted from assistant...

Next Post

Lloyd's insurer hit by fresh multi-million dollar catastrophe profit hit

Red velvet cupcakes will boost Scottish Poppy Appeal

Red velvet cupcakes will boost Scottish Poppy Appeal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Sport

Mets retaining Luis Rojas as manager

Mets retaining Luis Rojas as manager

November 24, 2020
Nets no longer focused on James Harden trade pursuit

Nets no longer focused on James Harden trade pursuit

November 24, 2020
  • 21.5M Fans
  • 79 Followers
  • 93.2k Subscribers
  • 657 Followers
  • 22.9k Followers

MOST VIEWED

  • ‘Amphan’ may bring first flood of year in Assam: CWC

    ‘Amphan’ may bring first flood of year in Assam: CWC

    0 shares
    Share 0 Tweet 0
  • Where to buy Bitcoin in the UK and how does it work

    0 shares
    Share 0 Tweet 0
  • Russia Scores Gold In Women’s Figure Skating, Leaving USA Ladies Without Medals

    0 shares
    Share 0 Tweet 0
  • Goth crocs with spikes and chains exist – and the internet kind of likes them

    0 shares
    Share 0 Tweet 0
  • 24 Of Genie Bouchard’s Sexiest Shots Off The Court [SLIDESHOW]

    0 shares
    Share 0 Tweet 0

CATEGORY

  • Africa
  • Asia
  • Business
  • Europe
  • Fashion
  • Health
  • latest news
  • Sports
  • TECH
  • Uncategorized
  • USA News
  • World

SITE LINKS

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org
  • Landing Page
  • All Features
  • Get JNews
  • Contact

© 2020 eveningwashington.com.

No Result
View All Result
  • Africa
  • Asia
  • Europe
  • latest news
  • USA News
  • World
  • Other
    • TECH
    • Health
    • Fashion
    • Sports
    • Business

© 2020 eveningwashington.com.