David Lammy has made closing the London Laundromat of corrupt foreign money one of his top priorities Photo: Neil Hall/Shutterstock
Accountants, lawyers and PR experts will be offered £250,000 to expose corrupt Russian oligarchs under Labour's plans.
David Lammy will unveil a new reward scheme aimed at tracking assets associated with illicit finance.
The Shadow Foreign Secretary has made closing the «London Laundromat» of corrupt foreign money funneled through Britain one of his top priorities if Labor wins the next election.
According to a report from the House of Commons Foreign Affairs Committee in 2022 London will become a «centre of illicit finance» and assets laundered through the UK help finance Vladimir Putin's war in Ukraine.
The committee also found that «facilitators» of illicit finance such as lawyers, bankers, PR executives and estate agents help corrupt officials hide their wealth in Britain.
Mr Lammy will argue in his speech that dirty money laundered through the UK helps prop up autocratic regimes and fuels crime on British streets.
«Fighting Kleptocracy»
While currently 1,627 Russian citizens and 238 legal entities are subject to the law. Regarding UK sanctions against Russia, the Labor Party notes that no enforcement action has yet been taken against individuals or companies following the Ukraine invasion.
To «intensify the fight against kleptocracy», Mr Lammy will announce a reward scheme for whistleblowers.
Persons providing information that leads to the discovery of assets belonging to sanctioned individuals or entities held in the UK, or who expose violations of sanctions, will be eligible to receive a reward of up to 25 per cent of Financial Sanctions Enforcement Authority fines (OFSI).
OFSI fines can be up to £1 million, meaning whistleblowers could receive up to £250,000.
The Labor Party has said the policy will be neutral in terms of from a cost perspective, since rewards will only be eligible if the information leads to a sanctioned fine.
In his speech, Mr Lammy is expected to say: «When I visited Kiev, anti-corruption campaigners told me that Britain must stop Putin's cronies laundering their dirty money in our capital.
“Dirty money that fuels violent crime on our streets and turns London homes into kleptocratic bitcoins.”
“Labour will answer their call and step up the fight against kleptocracy. That's why today I'm announcing a new whistleblower scheme that will reward those who expose illicit assets and sanctions breaches, and help recover misappropriated funds.
“Under the Tories, the UK has become the money laundering capital of the world. With Labour, the UK will become the anti-corruption capital of the world.”
Reflects US plans
This policy reflects existing patterns in the US regarding sanctions, money laundering and other corrupt practices. The IRS paid out $37.8 million (£31 million) to 132 whistleblowers in 2022.
HMRC already have a financial incentive scheme for identifying tax evasion that resulted in payments of more than £500,000 last year, but they do not have an equivalent scheme in relation to sanctions.
Labour already supported calls for an international anti-corruption court and committed to bringing a global anti-corruption summit to London within one year of taking office.
In his speech, Mr Lammy will reaffirm his support for the Labor Party's fight Ukraine against Russia and its possible NATO membership.
He is expected to say: “Foreign policy must always start with security.”
“We meet as the dark clouds of Putin’s war enter their second year dropping bombs on Ukrainian cities.»
«Our message to Ukrainians with us today is this: if the Labor Party wins the next election, the UK's support for you will not waver.
«We will support you until victory , and when you win, we will support you on your rightful path to joining. NATO.»
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