International Adviser – Will the new Labour government bring global action on money laundering?

While successive governments have made strides towards stamping out illicit funds, it’s still a glaring issue, with nearly 40% of the world’s dirty money flowing through London, UK overseas territories and its dependencies. Anti-corruption group Transparency International describes the UK as a “laundromat for suspicious money”.

Compliance should be at the heart of the regulatory agenda. Until recently, it could be argued that the UK has been rolling out the red carpet for kleptocrats and criminals. The new Labour government must review every area of compliance, including financial services regulation, closer alignment with EU and global regulations and more. We need stronger cross-border cooperation and global ties to establish more robust regulatory and enforcement frameworks, along with advanced technology to track illicit funds.

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