October 22 2019
As broadly defined by the Financial Action Task Force (FATF), money laundering is defined as the disguising of the proceeds of crime by legal means. If we refer to the CIA Factbook , London is considered a “center of money laundering” [1] , other sources such as Transparency International , confirms this finding and estimates that 100 billion British pounds are from organized crime in Great Britain. In addition, in December 2018, Duncan Hames, Director of Policy at Transparency International UK , said:
“UK anti-money laundering regulation in the private sector remains weak, fragmented, and lacks credible deterrence. The government should pass the long-promised corporate responsibility laws to require companies to report on their role in dirty money laundering in the UK. “
