dirty money
WHAT’s THE PROBLEM?
As home to one of the world’s largest and most influential financial systems, and due to legacies of colonialism, the UK is at the centre of a global web of dirty money, economic crime and tax dodging. It therefore also has a pivotal role to play in cleaning up the system.
Dirty money affects us all. Tax dodging and corruption drain resources from governments – especially in lower-income countries. Autocratic regimes, organised crime networks and terrorists exploit the system to launder money, evade sanctions and finance criminal activities.
Unfortunately the UK and associated jurisdictions such as the Cayman Islands and British Virgin Islands are still major facilitators of the secrecy, structures and standards that enable economic crime and tax dodging, and a major contributor to this global problem.
Our research has found that at least £325 billion of dirty money from financial crime, money laundering, corruption, illegal trade and tax dodging flows through the UK every year. This is equivalent to more than 10% of UK GDP. When the UK’s Crown Dependencies and Overseas Territories – places such as Jersey and the Cayman Islands – are included, the total rises to more than £788 billion annually.
WHAT DO WE DO?
Our work focuses on reforming UK government policy and regulation to significantly improve the transparency and accountability of the system, making it much harder to hide wealth, dodge taxes or launder the proceeds of crime.
Our research has been endorsed by cross-party MPs, cited in parliamentary debates, and widely shared by experts and organisations working for responsible finance, anti-corruption and tax justice.
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