Prem Sikka: The United Kingdom is Enabling Terrorist Financing

January 20, 2010
Author: Clark Gascoigne
Clark Gascoigne is the new media coordinator at the Task Force on Financial Integrity & Economic Development. He also serves as the new media coordinator for Global Financial Integrity.
Prem Sikka, professor of accounting at the University of Essex, has an article published on the Guardian’s website today which explains how British lawmakers are enabling terrorism by prioritizing laissez-faire over public safety.  From the article:

US security officials claim that the growing presence of terrorist networks operated by al-Qaida and others in the UK poses a major security threat. The UK fights wars in Iraq and Afghanistan, but its domestic laws can enable Osama bin Laden, al-Qaida and others to own and operate companies and move resources.

For less than £100 almost anyone can buy a ready-made off-the-shelf company. Armed with the certificate of incorporation, the controllers can open bank accounts and be in a position to move cash through the banking network.

This is a good reminder that financial transparency is not just about development and human rights; it’s a matter of public safety.  I highly encourage you to read the rest of Professor Sikka’s essay here.

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