London and UK territories launder nearly 40% of dirty money

Deputy Foreign Secretary Andrew Mitchell stated that nearly 40% of global dirty money flows through London and UK territories. Legislation passed in 2016 requires public registers of beneficial ownership, but overseas territories have been slow to comply. Mitchell emphasized the need for transparency to combat corruption. Territories like the British Virgin Islands and Cayman Islands have yet to implement public registers, citing ECJ rulings. They aim to introduce enhanced frameworks by late 2024.