UK failing to stop the flow of dirty cash – AML controls in the UK not fit for purpose


Radical overhaul of the UK’s anti-money laundering system is needed, if the UK is to close the door to the billions of pounds in corrupt money coming into the country every year, according to a new report by Transparency International UK (TI-UK).

“Don’t Look, Won’t Find” has analysed the system of anti-money laundering (AML) supervision in the UK and found it to be woefully inadequate and structurally unsound. Despite the billions of pounds of corrupt funds entering the UK, according to the Government’s own risk assessment, only a very small proportion of this is being detected and investigated by the authorities. Responsibility for this open door to dirty money lies with the institutions charged with overseeing the AML rules in the UK.

Of the mish-mash of 22 supervisory bodies that oversee the key sectors – financial services, law, accountancy, property, luxury goods, and trust and company service providers – only one has above a low or unreported level of enforcement of the rules. TI-UK is calling for the UK Government to strip the various private sector institutions and professional bodies of their AML supervisory roles and consider creating a single, well-resourced “super” supervisor to protect the UK against money laundering.