(Photo: REUTERS/STEFAN WERMUTH)
Britain’s “woefully inadequate” anti-money laundering system has left the country wide open to corrupt money and terrorism funds and needs radical overhaul, a leading anti-corruption group said on Monday.
Each year billions of pounds of dirty money flow through Britain, but the system for identifying it is too fragmented and unaccountable to be effective, according to a report by Transparency International UK (TI-UK).
“The UK supervision system which should be protecting the country from criminal and terrorist funding is not fit for purpose,” said TI-UK’s Head of Advocacy and Research Nick Maxwell.
The original article can be found at uk.reuters.com