UK banks ‘highly vulnerable’ to money laundering – report

‘Intelligence gaps have left UK banks at a very high risk of being used to launder the dirty money of crime, corruption and terrorism, a report claims.

The National Risk Assessment report produced by the Treasury and the Home Office reveals many of the structures that make carrying out financial activity in the UK appealing for law-abiding businesses also leave British banks vulnerable to corruption.

“The same factors that make the UK an attractive place for legitimate financial activity – its political stability, advanced professional services sector and widely understood language and legal system – also make it an attractive place through which to launder the proceeds of crime,” the report said.’

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