London and overseas territories 'process 40% of dirty cash'

Nearly 40% of the world's dirty money is going through the City of London and the crown dependencies, the deputy foreign secretary has said.

- Patrick Wintour

Andrew Mitchell added that the crown dependencies and overseas territories would face fresh demands from the Foreign Office to comply with UK laws for public registers of beneficial share ownership.

Since legislation was passed in the Commons in 2016 the UK has faced prevarication from overseas territories reluctant to set up public registers that disclose the true ultimate owners of funds in tax havens.

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 warlords and so on - comes through London and the overseas territories and crown dependencies.