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TI-UK Response to the UK National Risk Assessment of Money Laundering and Terrorist Financing

TI-UK commends the publication of the national risk assessment of money laundering and terrorist financing (NRA) as a clear and unambiguous recognition of the risks posed by money laundering in the UK and the weaknesses in the UK’s system for detecting illicit and corrupt money flowing into a wide range of sectors.

We also support the explicit recognition of the UK legal and accountancy sectors as ‘high risk’ from a money laundering point of view.

This report also puts beyond any doubt that funds linked to cases of international corruption flow through UK major professional sectors, in very large sums, and that the UK’s AML system isn’t good enough to prevent it.

The government should be applauded for openly recognising the risk posed by money laundering weaknesses and the damage it could do to the security, integrity, reputation and success of the City of London and the wider UK economy. This recognition puts the UK in a leadership position internationally in tackling the issue of corrupt professional enablers.

However, whilst it is positive that UK law enforcement authorities are investigating cases involving millions of pounds of corrupt money, this is very small in comparison to the “billions of pounds” of corrupt money that the NCA assesses as coming into the UK each year.

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ADDITIONAL INFO

  • Report published: Oct 2015

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