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Combating Money Laundering and Recovering Looted Gains: Raising the UK's Game

As an anti-corruption body, Transparency International UK (TI-UK) is concerned with preventing money laundering since the facility to launder the proceeds of corruption gives rise to the commission of bribery and corruption offences in the first place. TI helped international banks to establish the Wolfsburg Principles (the global anti-money laundering guidelines for private banking) in 2000. Reports by TI-UK in 2003 and 2004 focused on corruption and money laundering in the UK and the regulation of trust and company service providers respectively.
   
This report focuses on the following main areas:
  • Strengthening the UK’s defences against dirty money with particular emphasis on improving due diligence by financial and other institutions and organisations required to conduct due diligence on Politically Exposed Persons;
  • Criminal and civil mechanisms for the recovery of assets that are the proceeds of corruption; and
  • Bolstering the efforts of the UK’s law enforcement agencies and improving the UK’s ability to help developing countries in identifying and recovering stolen assets through more efficient processes and procedures.

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ADDITIONAL INFO

  • Report published: May 2012

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