Mitchell urges Cayman and British Virgin Islands to implement UK law requiring public registers of funds.
Speaking to the Bright Blue thinktank, Mitchell said: “On the issue of dirty money, it is important to recognise that Britain has a dog in the fight. According to some estimates, 40% of money laundering around the world – this is money often stolen from Africa and Africans by corrupt businessmen, bent politicians and war lords and so on – 40% of that money comes through London and overseas territories and crown dependencies.”
He added that “crown dependencies and the overseas territories have not yet done as much as they must do”.
Mitchell predicted that with David Cameron as foreign secretary, the UK would “see a greater emphasis now on introducing these open registers of beneficial ownership”.
This will, realistically, come as no surprise to anyone. What would be a surprise is if regulations are genuinely tightened up. After all, The City Of London acts as a fiscal powerhouse for the rest of the country, simply because of the liberal controls which are attractive to investors from around the World.
London processes 40% of dirty cash.
