UK chancellor calls for action on ‘dirty money’

23 Apr 18

Chancellor Philip Hammond has urged meetings of the G7 and International Monetary Fund in Washington to increase action against ‘dirty money’ used to fund rogue regimes and illicit activity.

This should include more effective sanctions on North Korea and greater IMF scrutiny, he said.

North Korean had used bogus companies and artificial ownership structures to access the international financial system and while international sanctions were an effective accessed defence against illegal behaviour, criminals and regimes could adapt to them and new approaches were needed.

Hammond called for G7 agreement on denying North Korean access to finance, for the IMF to target global corruption and said there would be increased funding for the Treasury's sanctions team.

The chancellor last week said: “We must tighten the financial screws on rogue regimes and corruption.

“My priority is to secure international agreement on how to tackle dirty money.

“We must shine a light into the darkest corners of global finance, crack down on corrupt cash and ensure that as terrorists and criminals become ever more sophisticated, the international community stays one step ahead.”

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