Last week I appeared on Radio 4’s File on 4 programme, “The Great British Money Laundering Service”. The programme looked at the global networks which allow billions of pounds of dirty money to pass through UK companies despite new transparency rules. In the majority of cases, company structures are designed where dirty money moves incredibly quickly through the UK, making it hard for the police to catch it.
A simple way of getting around this is to require British companies …to have some form of meaningful British presence before they can incorporate. This could require a unique identifier such as a passport number or a UK bank account. Whilst it is important to allow ease of incorporation of companies for business growth, the government are currently pursuing this at the expense of a proper regulatory framework. We need to be able to understand who the companies registered in our country really are.
You can listen to some of me on the program here: