‘Inadequate’ anti-fraud system makes Britain magnet for terror funding – Transparency International

‘Britain’s anti-money laundering system is “woefully inadequate,” leaving the country wide open to dirty money and terror funding, a leading anti-corruption group said Monday.

A report from Transparency International argues that UK’s financial supervision is in need of a radical overhaul, as each year billions of pounds of dirty money passes through the UK.

It says the system is too fragmented to be effective.

“The UK supervision system which should be protecting the country from criminal and terrorist funding is not fit for purpose,” said Nick Maxwell, Transparency International’s UK head of advocacy and research.’

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