UK’s defences against ‘dirty money’ overrun, say MPs

‘This is a huge problem. Our financial services and our defences against dirty money have been overrun,’ said the Labour MP Margaret Hodge. Photograph: Rex/Shutterstock

The UK has become “the jurisdiction of choice for dirty money”, harming its national reputation and democratic institutions, a cross-party group of MPs have said as they urged a new government focus on money laundering and corruption.

An economic crime manifesto launched by the group calls for measures including transparency reforms for company records, a crackdown on tax avoidance in UK overseas territories, and more resources for enforcement.