The UK’s top financial regulator has no idea how much money laundering there is in the UK
For money laundering is a crime. Thus, when we find it, it stops. And obviously, the amount that is still going on is that amount which has not been found. It’s inherently unknowable.
Not that that stops the Sage of Ely:
We don’t know because no one asks. And that is because no one wants to know. How do I lnow? Because such fraud would clearly contribute to the tax gap, and HMRC’s simply not interested in finding out the true scale of uncollected tax revenue in the UK. Their attitude then flows through into all other regulators.
This is negligent.
But worse, in my opinion this makes the regulators a party to the crime.
That’s a big accusation. I think it is true.
It’s a crime not to know that which is unknowable.