According to the US State Department international narcotics control strategy report, the UK ranked alongside the world’s top 50 “major money-laundering countries” such as Afghanistan and Columbia.
We should hope this is because of its position as a key global financial centre [i.e. a good reason] rather than for the many bad reasons we might think of when considering money laundering per se.
In arriving at their conclusion, the State Department has noted that our Serious Organised Crime Agency itself, has reported £15bn of rogue cash being cleansed through the UK financial system each year.
So it is just possible the UK is very good at measuring stuff like this, which makes for a glum picture when compared with some countries whose idea of financial control is paying dashi to get your suitcase back at baggage reclaim.
The issue apparently is external; as our controls get better, the more it make sense to smuggle dirty Sterling abroad where it can be converted to local currency relatively easily.
Hey presto, Mr Launderer has got his layering and integration done in one fell swoop and the link to him disappears. Then the Sterling is exchanged back from banking system to banking system.
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