Britain awash with corrupt cash, study shows

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LONDON – Britain is awash with dirty money as the world’s most corrupt funnel cash into luxury yachts, jewellery, property, jets and even private school fees, campaigners said on Thursday (Oct 24) in a study.

More than £300 billion (S$525 billion) of suspect money has flowed in via UK-based accountancy firms, banks and law firms, Transparency International said, drawing on conclusions from a study into more than 400 corruption and money-laundering cases.

A spokesman told AFP that the cases span back three decades, but the majority are during the last 10-15 years.

“The UK is a hub for corrupt wealth from around the world,” the organisation concluded.

“This money is acquired with the aid of companies incorporated in the UK and in its offshore financial centres, invested into luxury property here, and used to buy access to prestigious institutions and privileged lifestyles,” the report said.

It continued: “A substantial amount of (this money) is obtained by those who have abused power entrusted in them for private gain.”

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