UK postpones Illicit Finance Summit amid international focus on Iran

(Alliance News) - A major summit on tackling global flows of dirty money has been postponed by six months as the Iran war consumes the attention of the world's diplomats.

The UK had been due to host the Illicit Finance Summit at the end of June, aimed at building an international coalition to fight dirty money.

But on Friday the Foreign Office announced the summit had been postponed until December.

The postponement comes as the war in Iran continues to take up official capacity and political attention around the world.

Sources in Westminster said this had left the UK struggling to get the necessary "buy in" from other countries for the summit.

The Foreign Office said the delay would "enable broader participation, ensuring the summit generates the strongest possible international commitments to drive impact at a time of heightened global economic and geopolitical tension".

It added that the summit would "bring together a diverse coalition of governments, international organisations, civil society and the private sector", with "an overarching focus on strengthening global enforcement against illicit finance".

Duncan Hames, senior director of policy at Transparency International UK, said it is "critical now that the extra time this delay brings is put to use to ensure the summit's ambition rises to meet the challenge illicit finance presents".

Foreign Secretary Yvette Cooper announced plans to host the Illicit Finance Summit last December, saying dirty money "fuels crime on the streets of the UK and drives conflict and instability overseas".

The National Crime Agency estimates GBP100 billion is laundered through the UK every year.

The announcement came alongside the publication of the government's anti-corruption strategy, which included funding for the anti-corruption police, greater transparency in political donations and a review of stolen assets in the UK.

By Christopher McKeon, Press Association Political Correspondent

Press Association: News

source: PA

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