ONE reacts to laundering of dirty Russian cash in UK banks:

Emily Wigens, interim Brussels Director of ONE, said: “Yet again, a scandal testifies to a complex web of secrecy that facilitates corruption around the world. And yet again, anonymous shell companies – so called phantom firms – play a prominent role by hiding the identity of the true owners and beneficiaries behind these shady entities.”

Wigens added: “Every year, developing countries loose at least one trillion dollars through a web of corrupt activities such as money-laundering.

“Increasing transparency is the only way to expose the shady deals that are robbing the world’s poorest countries from much-needed resources for development.

“If the EU is serious about stopping this scandal they must set the gold standard for transparency by making public the information about who really owns companies and trusts as they negotiate the revision of the Anti-Money Laundering Directive”.