Britain’s war on dirty money lacks oomph

It is strong on transparency but weak on enforcement
The Economist (UK)
Thursday, October 11, 2018

No one knows how much dirty money is rinsed through London, but Britain’s National Crime Agency (NCA) reckons British banks and their subsidiaries (including those in overseas territories) launder “many hundreds of billions of pounds” each year. British companies and partnerships were prominent among the getaway vehicles used in some of the biggest money-laundering schemes of recent years. In one regard, Britain is a financial-crime-fighting trailblazer. In a bid to crack down on shell-company abuse, in 2016 it became the first G20 country to introduce a public register for company owners. However, submitted information is not systematically checked. (See also: London remains a safe haven for the world’s dirty cash)