Britain Hosts '40 Percent' of Money Laundering in the World

A senior British official states that about 40 percent of the world's 'dirty money' enters London and other British overseas territories. According to a report on Wednesday, May 15, by The Guardian, Andrew Mitchell, the UK Deputy Foreign Minister, raised this issue during a speech at the 'Bright Blue' think tank. He noted that despite the enactment of anti-money laundering laws in 2016, British overseas territories are reluctant to establish public registries to disclose the ultimate owners of financial assets. He specifically mentioned the Cayman Islands and British Virgin Islands, stating that according to some estimates, 'about 40 percent of the world's dirty money, particularly resources stolen from the people of Africa or assets of corrupt businessmen, misguided politicians, and warlords' enters London and British overseas territories. Mitchell added that territories under British government control have not taken necessary actions to combat money laundering and remain a haven for tax evasion and money laundering activities. He called on overseas territories to comply with British laws, stating that we must ensure our country is not a host for the world's dirty money and that 'if overseas territories are under British sovereignty, they must also adhere to our values.' The Deputy Foreign Minister also expressed hope that during David Cameron's leadership of the UK's foreign policy, these territories would make progress in complying with money laundering laws, as combating money laundering is a priority for Cameron. Cameron was Prime Minister of the UK from 2010 to 2016 and targeted the fight against dirty money; however, he resigned in mid-2016 and returned to work as Foreign Secretary under Rishi Sunak's government last November after seven years. According to estimates from the United Nations Office on Drugs and Crime, the volume of money laundering globally amounts to between 2 to 5 percent of the world's GDP, which is equivalent to $800 billion to $2 trillion. For comparison, the total economy of Iran is only $385 billion.