Justice Secretary and Deputy Prime Minister David Lammy will today declare that the United Kingdom will no longer serve as a safe haven for illicit wealth and the laundered assets of foreign dictators. In a major speech in London, he is set to unveil a comprehensive new anti-corruption strategy aimed squarely at dismantling the networks that facilitate financial crime.
A Multi-Pronged Assault on Illicit Finance
The cornerstone of the plan involves a significant expansion of the elite police unit dedicated to fighting domestic corruption. The City of London police's unit, which investigates bribery and misconduct within UK financial services and public bodies, will receive a £15 million funding injection. This bolstered force will be central to the government's renewed offensive.
Lammy will specifically target the "professional enablers"—lawyers, accountants, and other advisors—who assist corrupt actors in hiding their fortunes. "We must root out the minority who help corrupt actors hide their dirty money and polish their dirty reputations," he will state, according to advanced extracts of his speech. The National Crime Agency (NCA) is set to enhance its coordination, with new sanctions against enablers also under consideration.
Further measures include a UK-hosted global summit on countering illicit finance, potentially next year, which will focus on the misuse of cryptocurrencies, gold, and property. To identify systemic weaknesses, former Labour MP and noted anti-corruption campaigner Margaret Hodge will lead an official review into stolen or illegitimate assets within the UK. This aims to extend transparency from companies into more opaque structures like trusts.
Cleaning House: From Public Services to Political Donations
The strategy extends beyond high finance into the heart of public services and local government. Lammy will warn that a corrupt minority within the police, prisons, and border forces undermines public trust by accepting bribes and allowing drugs and weapons onto streets. The plan also promises greater transparency in political donations and the awarding of local council contracts.
Some elements build on existing initiatives, such as granting the Financial Conduct Authority (FCA) new powers to oversee all professional services firms as part of a wider anti-money laundering overhaul.
Drawing on his experience as foreign secretary, Lammy will link the fight against dirty money directly to global security, citing kleptocrats who "bankroll authoritarianism [and] fuel conflict," like Russia's aggression in Ukraine. He will argue that these networks, using shell companies, property, and crypto, spread "like a stain" and often lead back to London's financial system.
Complex Frauds to Face Judge-Only Trials
In a controversial move linked to the crackdown, Lammy will use the complexity of modern money laundering to justify separate plans to scrap jury trials for the most serious and intricate fraud cases. He will argue that specialist judges are better equipped to handle such evidence, promising swifter justice.
"Judge-only trials in the most complex frauds will get justice moving faster and send a clear message: if you loot, if you launder, if you defraud the British people, you will be caught," Lammy is expected to say. The announcement frames this as a necessary step to combat sophisticated financial crime effectively.
With the NCA estimating that over £100 billion could be laundered through or within the UK annually, Lammy's strategy represents a direct attempt to reclaim the integrity of the City and public institutions. "We must be clear: this city, this country, will no longer be their haven," he will declare. "We will stop them."
