May insists UK will drive out Putin’s ‘dirty money’

Downing Street has rejected accusations the government is “turning a blind eye” to “dirty money” from Russia.

In a stronglyworded report, the Commons Foreign Affairs Committee said despite the outcry over the Salisbury nerve agent attack, President Vladimir Putin and his allies were continuing to use the City as a base for their “corrupt assets”.

But Number 10 insisted the UK was determined to drive “dirty money and the money launderers” out of the country.

In its hard-hitting report, the committee said the government needed to show “stronger political leadership”, with further sanctions against “Kremlin-connected individuals” and action to close loopholes in the existing regime.

Assets stored and laundered in London, it said, were being used to support Mr Putin’s campaign to subvert the international-rules based order and undermine Western allies and combating it should be a “major UK foreign policy priority”.

Committee chairman Tom Tugendhat said: “There is no excuse for the UK to turn a blind eye as President Putin’s kleptocrats and human rights abusers use money laundered through London to corrupt our friends, weaken our alliances, and erode faith in our institutions.

“The UK must be clear that the corruption stemming from the Kremlin is no longer welcome in our markets and we will act.”

Prime Minister Theresa May yesterday said the government had taken “significant steps” to tackle illicit finances in the UK.

“Through the Criminal Finances Act we have taken greater powers for the UK to be able to act against criminal finances and we will ensure that we do so,” she said.