Bond reacts to announcement of UK-hosted Illicit Finance Summit in June 2026

Today, Monday 8th December, the UK government Justice Secretary, David Lammy MP, formally announced that the UK will host a major international summit next summer to tackle flows of illicit finance around the world. 

Taking place in London from 23-24 June, the Illicit Finance Summit will bring together governments, civil society organisations, and private sector representatives, such as major banks, to build an international coalition to tackle flows of dirty money around the world and strengthen the UK’s national security. 

Bond, the UK network for NGOs working in international development, welcomes the announcement of the summit and the UK’s efforts to tackle illicit financial flows, which deplete government budgets in many lower- and middle-income countries, undermining their ability to deliver essential public services to their people.

In reaction to the announcement, Sandra Martinsone, Policy and Advocacy Manager at Bond, the UK network of NGOs, said: 

We welcome the UK’s decision to host a major international summit in June 2026 on tackling illicit financial flows (IFFs), a critical issue that threatens not only the UK’s own national and financial security, but also the economic stability and development of many countries. The UK, as a significant international financial hub, facilitates IFFs which deplete government budgets in many lower- and middle-income countries, undermining their ability to deliver essential public services to their people.

The scale of the problem is staggering. Africa alone loses $89 billion annually due to IFFs which is more than what it receives as in official development assistance (ODA) ($73bn in 2023).

This is a timely summit, coming at a pivotal moment when international ODA budgets are being reduced and as the international community is increasingly calling for a rethink of development cooperation. The UK has an opportunity to demonstrate its genuine commitment to systemic economic reform, one that better supports development needs and economic transformation in lower- and middle-income countries. We hope the summit will build on the efforts of South Africa’s G20 presidency, which defined tackling IFFs as a key priority for sustainable development and it should remain one of the top priorities under the UK’s G20 presidency in 2027.

We commend the summit’s plans to address money laundering through the property market, illicit gold trade and misuse of crypto-assets. Yet, for this summit to be a success, there are three additional priority asks for the UK Government: to deliver on long overdue transparency commitments implementing public registers, especially in Overseas Territories and Crown dependencies; to tackle “professional enablers” who help foreign autocrats and others shift and conceal illicit wealth; and to put adequate resources and political will behind initiatives to stop the flows of dirty money domestically and internationally.

ENDS. 

Notes for editors

1. The UK government press release confirming the Illicit Finance Summit is online here.
2. Last Friday, Bond co-signed a statement from the UK Anti-Corruption Coalition addressing transparency issues in Overseas Territories.
3. Bond unites and supports a diverse network of over 350 civil society organisations from across the UK, and allies to help eradicate global poverty, inequality and injustice.
4. For further information or interviews, please get in touch with Emily Loynes at [email protected] or 07909947850