Dirty money continues to be due Pakistan to UK
LONDON: A British government report reveals that loot continues to flow unhindered from Pakistan into the united kingdom and the other way around .
The latest “National risk assessment of cash laundering and terrorist financing 2020” report says “corrupt foreign elites still be interested in the united kingdom property market, especially in London, to disguise their corruption proceeds”.
The report, put together by the Treasury and residential Office, has named Pakistan, China, Hong Kong, Russia and United Arab Emirates (UAE) because the hotspot countries from where the foremost flow of cash takes place.
The report findings suggest that the illicit flow of cash both ways between the 2 countries has persisted well with none obstacles. About Pakistan, the report said the united kingdom continues to possess close economic links to Pakistan, including significant remittance flows between both jurisdictions, which consistent with estimates equated to approximately $1.7 billion in 2017.
The report notes that these economic and cultural ties “also enable and disguise illicit funds to be transferred between the united kingdom and Pakistan, including through illegal informal value transfers”.
The report said that elements from Pakistan are buying high value assets within the UK and elements from the united kingdom are buying high value assets in Pakistan, using cash and loot .
The report said: “Criminals still purchase high value assets, like land , precious gems and jewellery to launder illicit funds which are transferred from Pakistan to the united kingdom and the other way around .
This includes proceeds from corruption and drug-trafficking. the danger from cash-based concealment from the united kingdom to Pakistan via smuggled cash and Money Service Business (MSBs) also persists.”
The report says in 2018 Pakistan was nominated to the Financial Action Task Force (FATF) list of jurisdictions with strategic anti-money laundering and counter-terrorist financing (AML/CTF) deficiencies, referred to as the ‘grey list’, thanks to widespread CTF deficiencies.
While the FATF acknowledged notable improvements within the months following, they also warned “should significant and sustainable progress not be made when next reviewed then the FATF could turn its members to advise their financial institutions to offer special attention to business relations and transactions with Pakistan”.
The report says the united kingdom , as a member of FATF, continues to closely monitor for sustained and timely efforts. It said: “The UK also continues to support Pakistan, including with capacity building assistance, to assist Pakistani authorities meet their commitments. Joint operations between the National Crime Agency (NCA) and Pakistani authorities to tackle illicit finance threats have benefitted from good levels of cooperation. for instance , in December 2019, the NCA negotiated a settlement with a Pakistani national to return funds and property valued at approximately £190 million to Pakistan. This success wouldn't are possible without the close cooperation between UK and Pakistan enforcement agencies.”
The report says serious and organised crime undermines the legitimacy and authority of the state and poses a fundamental threat to the country’s future security. Organized crimes, said the report, cost the united kingdom economy an estimated £37 billion per annum .
The report says money launderers from Russia exploited the UK’s company setup system and professional services to shop for expensive properties.
The UAE is a beautiful location for those that also wish to launder the proceeds of crime from abroad and these deficiencies expose the UAE, and other countries, to abuse by international controller networks which still launder the proceeds of crime to and from countries including the united kingdom .
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