Britain announced on Monday the creation of a new National Economic Crime Center (NECC) to crack down on money laundering, which is estimated to cost taxpaying households in the United Kingdom US$ 340 each year.

Posted on OCCRP | By Sinead Carolan

British Home Secretary Amber Rudd

Criminals involved in drug dealing and human trafficking in Britain are expected to make at least $120.3 billion in 2017 alone. This illegal money, in order to be useful to criminals, is made “clean” through money laundering processes, allowing them to avoid prosecution, asset seizures or tax audits.

This $120.3 billion statistic does not include money obtained through other illegal means such as fraud, the most common criminal offense in the UK, according to a Home Office press release.

British Home Secretary Amber Rudd emphasized that although London is considered a major global financial center and one of the safest places in the world to do business, billions of pounds are laundered through the city each year.

Although London is considered one of the safest places in the world to do business, billions of pounds are laundered through the city each year.

Read entire article New U.K. Agency to Crack Down on Money Laundering | OCCRP

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