10 Tests: Can UK Legislation Tackle Corrupt Capital?
In this briefing Transparency International UK sets out 10 key tests for any proposed legislation to address the problem of corrupt assets in the UK.
When the proceeds of corruption are laundered through the UK it presents a criminal, reputational, and national security risk, as well as a great injustice for the countries from which the funds have been stolen.
It is therefore imperative that the UK is able to prevent money laundering and detect, seize and recover those stolen assets that do enter the country. Due to the high volume of foreign capital that transits through – or is used to buy property and other assets in – the UK, this country has an opportunity to take a pro-active leadership role in the detection and recovery of the proceeds of corruption laundered through this jurisdiction.
However, in 2011, the United Nations Office on Drugs and Crime estimated that over 99 per cent of illicit funds flowing through major economies and offshore centres every year are not detected by law enforcement.
In this briefing Transparency International UK sets out 10 key tests for any proposed legislation if this problem is to be adequately addressed by the UK.
- Report published: Jun 2014