A British Government Report ‘National risk assessment of money laundering and terrorist financing 2020” revealed that China, Hong Kong, Russia and United Arab Emirates are the countries from where most of the illegal money flows to the kingdom.
According to the report findings, Pakistan and UK continuously had close economic terms. Approximately, $1.7 transmissions of money have been made in 2017. Due to the economic and cultural relationship between the countries, the money laundering act had become easier for them.
Pakistanis have been observed purchasing valuable assets in the UK. Similarly, UK individuals have been buying valuable properties in Pakistan through the illicit money, says the report.
Furthermore, 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.
However, the FATF recognized prominent progresses in the months following. They also notified that “should significant and sustainable progress not be made when next reviewed then the FATF could call on its members to advise their financial institutions to give special attention to business relations and transactions with Pakistan”.
Russia and the UAE have been considered to be a significant locality for the money launderers. These countries, including the UK have been abused by the corrupt for the interchange of dirty money.
