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Summit on Illicit Finance
09 June 2026
Lead MP
Steffan Aquarone
Responding Minister
Stephen Doughty
Tags
Crime & Law EnforcementUkraineEconomyTaxationDemocracy & ElectionsStandards & Ethics
Word Count: 9552
Other Contributors: 10
At a Glance
Steffan Aquarone raised concerns about summit on illicit finance in Westminster Hall. A government minister responded.
Key Requests to Government:
The Minister should commit to greater engagement and candour about the summit from now on. There is a need for effective measures against anonymous property ownership and overseas territories' role in financial transparency.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
Hundreds of billions of pounds of illicit finance flow through the UK annually, draining our economy and driving criminality. The summit's delay and lack of engagement by the Government are concerning. Illicit finance impacts various aspects of society such as local businesses, political donations, and public services funding.
He agrees that the summit should tackle international fraud and scams, citing an instance where a constituent lost £70,000 to romance fraud due to inadequate bank checks.
Andrew Mitchell
Con
Sutton Coldfield
Mitchell praised the all-party agreement on open registers of beneficial ownership and highlighted the delay in implementation, citing inertia, crowded agendas, and vested interests. He mentioned a figure of nearly £800 billion related to dirty money entering Britain and urged overseas territories and Crown dependencies to accept British values if they want to use the British flag. Mitchell criticised jurisdictions such as Montserrat, St Helena, Gibraltar for positive actions while others like Cayman Islands were marked as 'poor' and British Virgin Islands as 'critically poor'. He called for specific commitments from Guernsey, Jersey, and Isle of Man by the time of the British G20 summit to address dirty money issues.
City of Durham
Edward Morello highlighted the importance of tackling illicit finance, emphasising its role in funding organised crime and undermining democratic institutions. He cited estimates suggesting £788 billion flows through UK annually. Morello stressed the need for improved enforcement and international cooperation to recover frozen criminal assets, with only £1 out of every £4 recovered currently.
Ellie Chowns
Lab
Newcastle upon Tyne North
The UK plays a crucial role in tackling illicit financial flows, particularly due to its overseas territories and Crown dependencies. Tax Justice UK calculates that the UK is responsible for 25% of global tax abuse despite representing less than 1% of the world's population. Chowns stressed the importance of full transparency over property ownership and beneficial ownership registers being fully accessible to everyone.
She points out that illicit finance can be prevalent on high streets, visible in illegal vape shops or barbershops with suspiciously high profits despite low trade.
Jim Shannon
DUP
Strangford
He commends the hon. Member for the debate and agrees that aggressive pursuit of those who mask dirty money through loopholes is necessary, advocating for corporate transparency measures as stringent as those in Crown dependencies and overseas territories.
Joe Powell
Lab
Kensington
Discussed the importance of addressing illicit finance, including links to drug trade and housing crisis. Welcomed government action but disagreed with delaying the summit, arguing it provides time for policy preparation and linkage to other international forums. Emphasised the need for political leadership, cross-Government coordination, clear policy commitments, civil society engagement, and a package of reforms before the summit. Highlighted statistics on anonymous property ownership in London, calling for transparency in property ownership with approximately 4,000 properties in his constituency having hidden ownership despite new regulations.
Phil Brickell
Con
Basingstoke
Illicit finance amounts to £325 billion annually in the UK, more than 10% of GDP, and includes £10 billion laundered by criminals and £6 billion linked to Russia trade through UK overseas territories. It also involves property market distortions with £190 billion worth of property lacking clear beneficial owners and 236,500 properties held through opaque trusts.
Salford and Eccles
Calls for transparency in property ownership, requiring ultimate beneficial ownership to be disclosed on a public register. Suggests transforming Companies House into an active gatekeeper with powers to verify company directors and owners before companies can operate within the UK economy. Emphasises the need for stronger enforcement through increased investment in law enforcement agencies and expansion of unexplained wealth orders.
Wendy Morton
Con
Aldridge-Brownhills
Welcomes the Government's commitment to host the illicit finance summit and raises questions about specific proposals to strengthen sanctions enforcement against Russia, disrupt Iranian financial networks, discuss asset recovery, and assess the FCDO's resources for tackling international illicit finance. Questions also include addressing the recent restructuring in the FCDO and the rationale behind allowing Russian oil imports.
Government Response
Stephen Doughty
Government Response
The Government are determined to tackle dirty money both domestically and internationally. The illicit finance summit scheduled for December 2026 aims to expose the scale of illicit finance, forge new partnerships, share intelligence, strengthen enforcement, and secure future commitments. Domestically, economic crime Acts protect the open economy by strengthening law enforcement capabilities with a £110 million increase in the economic crime levy annually. The Financial Conduct Authority will take supervision of anti-money laundering and counterterrorist financing in professional services firms, replacing 22 private sector bodies. Internationally, efforts include sanctions against networks exploiting trafficked workers for fraud, closing down crypto exchanges used to fund activities like war in Ukraine, and working through the International Anti-Corruption Coordination Centre to freeze billions of pounds of stolen assets globally. The Government continue to address issues with overseas territories and Crown dependencies while adhering to high standards on national security.
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About Westminster Hall Debates
Westminster Hall debates are a chance for MPs to raise important issues affecting their constituents and get a response from a government minister. Unlike Prime Minister's Questions, these debates are more in-depth and collaborative. The MP who secured the debate speaks first, other MPs can contribute, and a minister responds with the government's position.