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The British Virgin Islands is classified as a UK and EU 'overseas territory' (Photo: JaguarJulie)

World Bank shames EU on money laundering

EU member states Cyprus and the UK have been named by the World Bank as two of the world's leading destinations for money launderers.

The Washington-based body in a new report noted that out of 150 high-level corruption cases exposed in recent years, the UK and UK overseas territories Bermuda, the British Virgin Islands, the Cayman Islands, the Isle of Man and Jersey hosted 172 companies...

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Author Bio

Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.

The British Virgin Islands is classified as a UK and EU 'overseas territory' (Photo: JaguarJulie)

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Author Bio

Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.

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