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The U.K. government will conclude it needs to do more to tackle “high-end” economic crime in its first-ever National Risk Assessment of Money Laundering and Terrorist Financing, according to one of the state’s top legal advisers.
The long-awaited report, which is due to be published “soon,” will say that more needs to be done against sophisticated crimes where proceeds are held in banks or real estate, Robert Buckland, the Solicitor General, told a Cambridge conference on economic crime Monday.
The report was initially touted for publication earlier this year before the May general election. It is designed to pre-empt the Financial Action Task Force, the Paris-based body responsible for setting international standards on anti-money laundering, which plans an assessment of the U.K. in 2018. Prime Minister David Cameron reiterated concerns that U.K. real estate was becoming a safe haven for corrupt money in a speech from Singapore in July.
The original article can be found at www.bloomberg.com