UK To Host Summit To Tackle Dirty Money

(MENAFN- Kuwait News Agency (KUNA)) LONDON, Dec 7 (KUNA) -- The UK will host a major international summit next June to tackle the flows of dirty money around the world, a Foreign Office statement said on Sunday.
Taking place at Lancaster House in London over two days from 23-24 June, the Illicit Finance Summit will bring together governments, civil society organisations, and private sector representatives, such as major banks, to build an international coalition to tackle flows of dirty money around the world and strengthen the UKآ's national security.
In the UK, dirty money lurks behind drug-related violence and organised immigration crime, allowing criminals to store their profits without trace. Overseas, it fuels international conflict, with illicit gold funding Russiaآ's invasion of Ukraine and a civil war in Sudan, and the misuse of crypto-assets enabling sanctions evasion.
The summit will focus on strengthening global enforcement efforts to prevent, disrupt and recover dirty money, including through closer collaboration with the private sector. It will forge new agreements to tackle modern methods for moving dirty money, such as laundering in the property sector, misuse of crypto-assets, and trading in illicit gold.
Foreign Secretary Yvette Cooper said: "Dirty money fuels crime on the streets of the UK and drives conflict and instability overseas. Itآ's largely invisible, but the damage is there for all to see. People smuggling gangs stashing the profits of their despicable trade. (end)
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