At least £325 billion of ‘dirty money’ flows through the UK every year, report says | financial sector

At least £325 billion worth of dirty money flows through the UK every year, according to research that has raised concerns about funding for state investigators and the government’s push for cryptocurrency assets.

According to a report by the Finance Innovation Lab charity, this figure represents more than 10% of UK GDP and includes illicit funds linked to financial crime, money laundering, corruption, illicit trade and tax evasion.

If you include Britain’s Crown dependencies and overseas territories such as Jersey and the Cayman Islands, this figure jumps to more than £788 billion a year.

The study is believed to be the first comprehensive attempt to quantify the scale of illicit financial flows involving the UK through cross-border data on tax evasion and financial crime, and highlights the extent of the UK’s international role as a hub for dirty money from around the world.

The figures were published as the UK postponed its Illicit Finance Summit, originally scheduled for June 23-24, to December.

The Finance Innovation Lab has urged Labor ministers to “demonstrate leadership” against the UK’s role in encouraging economic crime and tax evasion.

Jesse Griffiths, one of the report’s authors, said: “Rachel Reeves has described the UK’s financial sector as the ‘crown jewel’ of the economy. Our report shows that too often it actually plays a central role in supporting illicit financial flows – harming our economy, draining money from public services and supporting crime. Understanding the true scale of this is a vital first step to ensuring the financial system works for society, not against it.”

The All-Party Parliamentary Group on Anti-Corruption and Accountability (APPG) is backing the Institute for Financial Innovation’s calls for government action, including increased funding for state investigators, including the National Crime Agency and the Serious Fraud Office, which it says will probably pay for itself through higher fines and asset seizures.

The institute is also calling on ministers to ‘pause’ plans to turn London into an international cryptocurrency hub, partly influenced by the Trump administration’s vigorous promotion of alternative digital assets. This is despite cryptocurrency assets being increasingly linked to money laundering and hidden market transactions.

“The UK’s global role as a financial hub brings economic benefits, but it also attracts crime, corruption and tax abuse activities that undermine national unity, distort markets and undermine public trust,” the report said. “The situation risks worsening as the government plans to turn the city into a global hub for crypto assets.”

A crackdown on tax havens linked to the UK is key, he added, demanding full transparency about the true owners of shell companies in overseas territories, including the British Virgin Islands.

Phil Brickell, Labor chairman of the APPG, said: “After years of inaction by the previous government, it is time for us to become part of the solution rather than part of the problem. It is time to give enforcement agencies the resources they need to crack down on the scourge of economic crime and ensure a key British Overseas Territory finally lifts the veil on corporate secrecy.”

A government spokesman said: “Corruption makes British people poorer and less safe and undermines our democracy, which is why the Government’s anti-corruption strategy was published in December to bring more corrupt actors to justice.

“New cryptocurrency regulations will bring cryptocurrencies into the UK regulatory sphere by 2027, and we are recruiting an additional 5,500 compliance officers to tackle tax evasion.”

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