The UK has vowed to clean its London financial hub of "dirty money" that enables "Putin's mafia state".
Senior British government ministers admitted that "for much too long, criminals and kleptocrats have laundered their money far too easily in the United Kingdom".
In an article for The Telegraph newspaper, interior minister Yvette Cooper and foreign minister David Lammy announced that a new “Anti-Corruption Champion” would lead a drive to tackle illicit finance, with a strategy to be announced in 2025.
They added that a recent global law enforcement operation to disrupt Russian money laundering groups was "just the beginning".
Led by the UK's National Crime Agency (NCA), Operation Destabilise uncovered two vast criminal networks with links to drugs, ransomware and espionage, authorities said. Officials announced last week that they had made 84 arrests.
Cooper and Lammy drew links between financial crimes and the activities of dictators, mobsters and people sumugglers who enable illegal trafficking of migrants to the UK.
"Britain needs to be making life as hard as possible for illicit finance, which enables everything from Vladimir Putin’s mafia state to the criminal gangs behind the small boats" used to smuggle migrants, they wrote.
"This Government is calling time on London’s financial system being used as a clearing house by criminals and London property being used as Bitcoin by kleptocrats."
Announcing a £36 million boost in NCA funding, the ministers emphasized that the strategy for tackling corruption would involve cooperation with other countries.
In an article for The Telegraph newspaper, interior minister Yvette Cooper and foreign minister David Lammy announced that a new “Anti-Corruption Champion” would lead a drive to tackle illicit finance, with a strategy to be announced in 2025.
They added that a recent global law enforcement operation to disrupt Russian money laundering groups was "just the beginning".
Led by the UK's National Crime Agency (NCA), Operation Destabilise uncovered two vast criminal networks with links to drugs, ransomware and espionage, authorities said. Officials announced last week that they had made 84 arrests.
Cooper and Lammy drew links between financial crimes and the activities of dictators, mobsters and people sumugglers who enable illegal trafficking of migrants to the UK.
"Britain needs to be making life as hard as possible for illicit finance, which enables everything from Vladimir Putin’s mafia state to the criminal gangs behind the small boats" used to smuggle migrants, they wrote.
"This Government is calling time on London’s financial system being used as a clearing house by criminals and London property being used as Bitcoin by kleptocrats."
Announcing a £36 million boost in NCA funding, the ministers emphasized that the strategy for tackling corruption would involve cooperation with other countries.
"Kleptocrats and criminals make no distinction between home and abroad. Neither do we. That’s why as we drive out corruption domestically, we will also fight it internationally with our international partners," they said.
"From financial transparency to information-sharing across jurisdictions to getting the money back where it belongs – a whole host of issues require concerted global action."
Last week, Operation Destabilise revealed it had taken action against "two Russian-speaking networks" called Smart and TGR, for whom the UK was a "key hub". The groups were allegedly involved in supporting organized crime in Russia, the Middle East and South America as well as Britain.
Some of those arrested are already serving prison sentences and over £20 million has been seized in cash and cryptocurrency, the NCA said in a press release.
"Operation Destabilise uncovered a complex scheme, whereby the networks collect funds in one country and make the equivalent value available in another, often by swapping cryptocurrency for cash," it added.
"This provides a mutually beneficial service, streamlining the movement of cash generated by crime groups in the West, while simultaneously laundering crypto for cyber criminals, and helping Russian oligarchs and elites to bypass sanctions."
"From financial transparency to information-sharing across jurisdictions to getting the money back where it belongs – a whole host of issues require concerted global action."
Last week, Operation Destabilise revealed it had taken action against "two Russian-speaking networks" called Smart and TGR, for whom the UK was a "key hub". The groups were allegedly involved in supporting organized crime in Russia, the Middle East and South America as well as Britain.
Some of those arrested are already serving prison sentences and over £20 million has been seized in cash and cryptocurrency, the NCA said in a press release.
"Operation Destabilise uncovered a complex scheme, whereby the networks collect funds in one country and make the equivalent value available in another, often by swapping cryptocurrency for cash," it added.
"This provides a mutually beneficial service, streamlining the movement of cash generated by crime groups in the West, while simultaneously laundering crypto for cyber criminals, and helping Russian oligarchs and elites to bypass sanctions."
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