Anti-corruption lesson from the hub of illicit money

Ignoring the fact that millions of pounds have been laundered in London, British Prime Minister David Cameron prefers using the discourse of “look at the acrobat” by pointing to developing countries.

Government representatives of nearly 70 countries are meeting at the Anti-Corruption Summit in London today. Prior to the summit, statements exchanged between British Prime Minister Cameron and Queen Elizabeth II were quite attention-grabbing. Cameron, citing Nigeria and Afghanistan as “the most corrupt countries in the world” based on Transparency International’s most recent Corruption Perceptions Index, has led to the question: “What about the U.K.?” Is the U.K. really in a position to teach anti-corruption lessons to the world?

London is the largest global finance center. According to the Global Finance Centers Index by the Z/Yen Group and Long Finance, London was ranked at the top, beating out New York City and Hong Kong, which were among the largest global finance centers last year. Yet data suggests that corruption, money laundering and tax evasion are conducted using sophisticated methods in the U.K.


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