Foreign Secretary Yvette Cooper has pledged a robust international offensive against the global flows of 'dirty money' that she warns are bankrolling organised crime in British communities and Vladimir Putin's illegal invasion of Ukraine.
An International Threat Requiring Global Action
The UK government is preparing to host a significant global gathering, the Illicit Finance Summit, as part of a renewed drive to dismantle the financial networks used by criminals and corrupt regimes. The two-day summit will be held at Lancaster House in London on 23-24 June 2026. Ms Cooper emphasised that the corrosive impact of illicit funds is a transnational issue demanding a coordinated international response.
In an interview, the Foreign Secretary stated that this shadow economy fuels real-world harm. "Dirty money fuels crime on the streets of the UK and drives conflict and instability overseas," she said. "It's largely invisible, but the damage is there for all to see." She highlighted specific links, including people-smuggling gangs hiding profits, kleptocrats laundering wealth through UK property, and illicit gold trade revenues financing Russia's military aggression in Ukraine and conflict in Sudan.
Three Key Channels and New Support for Investigators
The summit will focus on securing agreements for tougher action on three primary channels for moving illicit wealth:
- Illicit gold: A key financier of Russia's ongoing war against Ukraine.
- Property: Used by criminals and corrupt officials to hide and clean cash, impacting housing markets.
- Crypto-assets: Increasingly exploited by networks like people smugglers to conceal profits.
Alongside the diplomatic effort, the government is committing new resources to support those exposing corruption. A £3 million funding package will be provided to organisations including Transparency International, the Organized Crime and Corruption Reporting Project (OCCRP), and the Anti-Corruption Data Collective (ACDC). This aims to help investigative journalists and analysts uncover how corrupt actors exploit the international financial system.
Building on a Landmark Anti-Corruption Strategy
This push comes as the UK is set to publish its updated Anti-Corruption Strategy on Monday, 8 December 2025. The Lancaster House summit next June will bring together governments worldwide, civil society groups, and private sector representatives such as major banks to forge a common front.
The need for such vigilance was recently underscored by OCCRP investigations. One revealed how Balkan drug traffickers used banana shipments from a firm linked to Ecuador's president's family to smuggle cocaine into Europe. Another exposed a scam network that stole over £200 million from victims in the UK and abroad. Ms Cooper's message is clear: turning the tide on dirty money is both a national security and a domestic priority for the UK government.
