According to a new report from Transparency International UK (TI-UK), billions of pounds of corrupt funds are entering the UK, but only a very small proportion of this is being detected and investigated by the authorities.
Of 22 supervisory bodies that oversee the key sectors - financial services, law, accountancy, property, luxury goods, and trust and company service providers - only one has above a low or unreported level of enforcement of the rules.
The report shows that in property, only 179 cases were deemed suspicious by estate agents in 2013/14, while just 15 suspicious cases were reported through art and auction houses.
The majority of sectors covered in the research were performing very badly in terms of identifying and reporting money laundering, and major problems have been identified in the quality, as well as the quantity, of reports coming out of the legal, accountancy and estate agency sectors.
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