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City of London

MPs Slam London’s ‘Dirty Money’ Habit, UK Sanctions Regime

  • Foreign Affairs Committee report calls for sweeping changes
  • Illicit wealth long welcomed in City of London, report says
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Lawmakers have blasted the UK’s sanctions regime as “underprepared and under-resourced,” noting the war in Ukraine is also exposing the institutional decay inflicted by the City of London’s decades-long welcome of “dirty money.”

There is little evidence that the UK had a clear plan of whom to sanction and how they would go about it following Russia’s invasion, according to a report Thursday by the House of Commons’ influential Foreign Affairs Committee.