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Transparency International UK Responds to Home Office Anti-Money Laundering Action Plan

Bold rhetoric needs to be backed up by bold action

21st April 2016, London – The government’s announcement of reforms to the UK’s creaky anti-money laundering regime would represent an important change – if implemented.  It is important that the many areas to be put out for consultation are not shot down by influential lobby groups who have no real interest in reform.

The Panama papers have shown the scale of corrupt money flowing through the system and the strong links to the UK, which highlights how badly this system needs to reform.  Corrupt money laundered through the UK represents misery for millions of people, often in the world’s poorest countries.

Robert Barrington, Executive Director of Transparency International UK, said:

“There are some excellent ideas here, but the proof of the pudding will be in whether they are put into action.  The powers that are envisaged could make a real difference and, while it is important they are properly debated in parliament to allay any concerns over civil liberties, it is equally important that they are not watered down by self-interested lobbying during the consultation process.“

“We are particularly supportive of unexplained wealth orders, an illicit enrichment offence and reform of the AML supervisory regime.  But let’s not forget that one of the fundamental changes we need to tackle money laundering is for public registers of beneficial ownership in the Crown Dependencies and Overseas Territories, which the Government has yet to deliver.  And while the mood music is positive, giving the law enforcement agencies sufficient resources will be a fundamental part of making this work.”

 

###ENDS###

 

Contact:

Dominic Kavakeb

Communications Manager

020 3096 7695

07545 965 302

Dominic.kavakeb@transparency.org.uk

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