Reported by Patrick Wintour Diplomatic editor

Nearly 40% of the dirty money in the world is going through the City of London and other crown dependencies, the UK’s deputy foreign secretary has said.

Andrew Mitchell added the crown dependencies and overseas territories will face fresh demands from the Foreign Office to comply with UK laws setting up public registers of beneficial share ownership.

Since legislation was passed in the House of Commons in 2016 the UK has faced prevarication from overseas territories which are reluctant to set up public registers that disclose the ultimate owners of funds in tax havens.

Speaking to the Bright Blue thinktank, Mitchell said: “On the issue of dirty money, it is important to recognise that Britain has a dog in the fight. According to some estimates, 40% of money laundering around the world – this is money often stolen from Africa and Africans by corrupt businessmen, bent politicians and war lords and so on – 40% of that money comes through London and overseas territories and crown dependencies.”

He added that “crown dependencies and the overseas territories have not yet done as much as they must do”.

Read full report: https://amp.theguardian.com/world/article/2024/may/14/nearly-40-of-dirty-money-is-laundered-in-london-and-uk-crown-dependenies